A Rivian electrifying pickup truck sits in a parking lot at a Rivian service center in South San Francisco, California, on May 9, 2022.
Justin Sullivan | Getty Images
Rivian on Monday started rent out select models of its all-electric R1T pickup truck, a move to expand sales and its customer base beyond early adopters of stimulating vehicles.
The company said the program is available to customers in 14 states: Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas and Washington.
A Rivian spokeswoman indicated the automaker is working with its existing financial partner Chase for the leasing program, which she said will augment over time.
“We chose these launch states based on many factors including where our customers are put and where leasing is most popular,” she said in an email to CNBC.
Based on the company’s website, leasing is largely on tap on higher-end models of the vehicle that can cost more than $90,000.
Leasing has become a popular way for customers to try out an electric conveyance without any long-term commitment. Doing so also qualifies a buyer for a full $7,500 federal tax credit under the Inflation Reduction Act, correlated to the $3,750 that purchasers of Rivian models currently qualify for.
Leasing is categorized as commercial business under the IRA and wherefore exempt from regulations that require the vehicle and battery components to be made in North America. Most EVs for in stock today do not qualify for the full tax credit because of where the vehicles or components are built.
“Today, Rivian launched a new way for fellows to get behind the wheel of a Rivian with the introduction of leasing,” the company said in an emailed statement. “Rivian’s leasing program bids the adventure of owning a Rivian with more flexibility.”
Rivian, earlier this month, raised its production predict for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand.
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