Rivian has started a leasing program in 14 US states, adding the option to its website on Monday. Customers can lease R1T electric pickup trucks for estimated prices starting at around $770 monthly, depending on the region. Leases qualify for the full $7,500 federal tax credit for electric vehicles, categorized differently from purchases under the Inflation Reduction Act (IRA).
The leasing program is available in Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington. Rivian plans to expand the program to more states and vehicle models with financing from Chase.
The leasing program currently only includes higher-end models of the R1T, with prices ranging from $87,000 to $91,000 in a Denver zip code. Although federal tax credits can ease the cost, it is still limited to buyers with deep pockets.
Rivian raised its production forecast by 2,000 vehicles for the year, expecting to move 54,000 units by the end of the year. This comes as the company prepares for the arrival of the Tesla Cybertruck.