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Rivian R1T EV leasing launches in select markets

Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California. 

Justin Sullivan | Getty Images

Rivian on Monday started leasing select models of its all-electric R1T pickup truck, a move to expand 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 – already popular markets for EVs.

Based on the company’s website, eligibility is based on zip code, mostly for higher-end models of the vehicle that can cost more than $90,000.

Representatives for Rivian did not immediately respond to request for additional details.

Leasing has become a popular way for customers to try out an electric vehicle without any long-term commitment. Doing so also qualifies a buyer for a full $7,500 federal tax credit under the Inflation Reduction Act, compared to the $3,750 that purchasers of Rivian models currently qualify for.

Leasing is categorized as commercial business under the IRA and therefore exempt from regulations that require the vehicle and battery components to be made in North America. Most EVs for sale today do not qualify for the full tax credit because of where the vehicles or components are built.

“Today, Rivian launched a new way for customers to get behind the wheel of a Rivian with the introduction of leasing,” the company said in an emailed statement. “Rivian’s leasing program offers the adventure of owning a Rivian with more flexibility.”

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