Rivian has announced it will soon allow customers in the US to lease the R1T. While leasing isn’t for everyone, it is a popular choice for many consumers that will open up a new customer base for the EV manufacturer, as well as likely making the R1T eligible for the full $7,500 US federal tax incentive.
The leasing program was announced in an email to customers on Tuesday, as well as through a post on X, although details were slim. The only information provided in the email was that the leasing program would begin next week, that it would only be available for the R1T, and only in select states, without specifying which.
The email also came with a button inviting customers to preview vehicles, with the link taking them to the existing inventory section of the company’s website, known as the R1 Shop, suggesting custom configured R1T trucks will not be eligible for leasing, at least yet.
With the addition of leasing, the R1T should be eligible for the full $7,500 US tax credit. Currently the R1T is only eligible for$3,750 in federal tax incentives due to the critical mineral sourcing requirements for the EVs battery. Even then, not all buyers get that tax credit as it is also income-based. However there is a loophole in the Inflation Reduction Act (IRA) that allows manufacturers, or the leasing company working with them, to receive full $7,500 when leasing an electric vehicle (EV), but it is up to them if they pass the savings on to the consumer in the form of a cheaper lease.
Given Rivian’s status as an emerging automaker, it would make sense for them to do just that. And since it is Rivian (or the leasing company) receiving the tax credit, income restrictions don’t apply either, meaning anyone leasing the R1T would be able to take advantage of the savings.
Leasing is the latest attempt by Rivian to increase sales of the R1T. Last week the company launched a home charging bundle offer that includes a free Rivian Wall Charger and a $2,000 installation credit.
