On May 9, 2022, a Rivian electric pickup truck was parked in the parking lot of a Rivian service center in South San Francisco, California.
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Rivian The company started leasing select models of its all-electric R1T pickup truck on Monday, a move aimed at expanding sales and customer base beyond early adopters of electric vehicles.
The company said the program is available to customers in select states such as California, New York, Florida and Texas, which are already popular markets for electric vehicles.
based on company website, Eligibility is based on zip code and applies primarily to high-end models priced over $90,000.
Representatives for Rivian did not immediately respond to a request for more details.
Leasing has become a popular way for customers to try out electric vehicles without any long-term commitment. Doing so also qualifies buyers for the full $7,500 federal tax credit under the Inflation Reduction Act, compared to the $3,750 federal tax credit that buyers of Rivian models currently qualify for.
Under the IRA, leasing is classified as a commercial business and therefore is not subject to regulations requiring vehicles and battery components to be manufactured in North America. Most electric vehicles currently sold are not eligible for the full tax credit due to where the vehicle or parts are manufactured.
“Today, Rivian is launching a new way for customers to drive a Rivian through leasing,” the company said in an emailed statement. “Rivian’s leasing program makes adventures with Rivian even more flexible.”
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