Rivian, the electric vehicle (EV) manufacturer, is rolling out a lease program for its R1T pickup, marking the first time the company has offered leasing options for its vehicles. The move comes as Rivian aims to attract new customers, utilizing a leasing strategy shortly after introducing incentives for purchasing existing R1T pickup inventory. The announcement precedes Tesla’s Cybertruck launch scheduled for November 30th.
Rivian has recently been in the spotlight following a positive Q3 report, showcasing better-than-expected production numbers and sustained high demand for its vehicles. Despite a minor over-the-air software glitch this month, Rivian swiftly addressed the issue, preventing any substantial disruption.
While Rivian has maintained its Manufacturer’s Suggested Retail Prices (MSRPs) amid increased production and sales, the introduction of a lease program is seen as a strategic move to optimize profits as the company approaches the end of the fiscal year 2023.
Last week, Rivian initiated its first demand lever, offering incentives such as a complimentary home charger and up to $2,000 in installation credits for customers purchasing an R1T pickup from the existing inventory. In continuation of its efforts to sell existing pickup configurations, Rivian is now extending leasing options for the R1T, starting next week. However, the lease program will be limited to specific states, which the company has yet to disclose.
Details on the Rivian lease program remain scarce, as the automaker has previously mentioned leasing options without concrete plans until now. An email sent to Rivian’s subscribers indicated that R1T leases would be available next week, emphasizing that eligibility would be restricted to certain states, yet to be announced.
It is clarified that the R1T trucks available for lease will be sourced from the existing inventory targeted in last week’s incentive program, aiming to boost sales before the conclusion of the fiscal year.
Notably, the email did not mention the R1S, Rivian’s flagship SUV, as part of the charger, installation, or lease programs. This could be attributed to the R1S having a shorter production history, potentially resulting in lower available inventory. The article suggests that R1S leases may be in development for the year 2024.
Inquiries to Rivian for additional details about leasing the R1T have not been met with detailed information, and further updates are expected to be revealed next week when the full details of the leasing program are disclosed.
