Rivian’s leasing program set to debut next week, initially only for R1T Model

Rivian’s leasing program set to debut next week, initially only for R1T Model

Embarking on an exciting frontier, American electric vehicle (EV) manufacturer Rivian is all set to launch its maiden leasing program, marking a momentous milestone for the brand as well as its fans. Long-awaited by Rivian aficionados, the leasing option. Initially available only for the fully-electric R1T model, the lease program will align Rivian with trailblazers like Ford Motor Co. and Chevrolet. Thus, the comparatively new EV maker is preparing to join the leasing landscape alongside several of its industry peers.

It is also worth-noting here that Elon Musk-led electric car pioneer Tesla Inc. has plans to start customer deliveries of its much-awaited Cybertruck. Most probably, Tesla will start delivering the Cybertruck on 30th of November. Meanwhile, Rivian enthusiasts have received promising news about start of leasing program through reports from Rivian Forums, where emails to subscribers hinted at an imminent leasing will be offered for select R1T configurations in specific states.

The company hasn’t revealed detailed information about the leasing program, but it is enough to create an air of anticipation and curiosity among enthusiasts eagerly awaiting the official launch. Of course, it has also left potential customers eager for updates from the company.

Market experts are of the view that the company’s strategic move to commence leasing of the R1T aligns with its recent efforts to streamline the model’s inventory. It may be noted here that the company recently announced the launch of an attractive offer, in which it promised to give a complimentary Level 2 wall charger and a $2,000 installation credit on purchase of brand-new R1T models from its existing inventory.

Notably, the leasing program seems tailored towards R1T inventory, as it has omitted the R1S model. The absence of the R1S suggest that there is limited inventory of the R1S models. However, expectations linger that the R1S will also be featured in the leasing program sooner than later as the company is planning to ramp up production of this battery-powered model.

As the battery-powered vehicle market continues to evolve, Rivian's newly announced leasing program is expected to serve as a catalyst, boosting sales and addressing existing inventory of the R1T model ahead of the end of current year. Bolstered by positive Q3 results and an upwardly revised production target for this year, the brand’s foray into leasing reaffirms its commitment to revolutionizing the EV landscape.

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