Rivian R1T EV leasing launches in select markets

Rivian on Monday began leasing choose fashions of its all-electric R1T pickup truck, a transfer to increase gross sales and buyer base past early adopters of electrical automobiles.

The corporate mentioned this system is out there to clients in choose states akin to California, New York, Florida and Texas – already in style markets for EVs.

Primarily based on the corporate’s web site, eligibility is predicated on zip code, principally for higher-end fashions of the car that may price greater than $90,000.

Representatives for Rivian didn’t instantly reply to request for added particulars.

Leasing has turn into a well-liked method for purchasers to check out an electrical car with none long-term dedication. Doing so additionally qualifies a purchaser for a full $7,500 federal tax credit score below the Inflation Discount Act, in comparison with the $3,750 that purchasers of Rivian fashions presently qualify for.

Leasing is categorized as industrial enterprise below the IRA and due to this fact exempt from rules that require the car and battery parts to be made in North America. Most EVs on the market at the moment don’t qualify for the total tax credit score due to the place the automobiles or parts are constructed.

“As we speak, Rivian launched a brand new method for purchasers to get behind the wheel of a Rivian with the introduction of leasing,” the corporate mentioned in an emailed assertion. “Rivian’s leasing program affords the journey of proudly owning a Rivian with extra flexibility.”