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Rivian’s electric truck is available to lease in 14 US states

Unlike purchases, leasing is eligible for the full $7,500 federal tax credit.

Photo by Roberto Baldwin / Engadget

Rivian has started a leasing program in 14 US states. The EV maker added the new financing option to its website on Monday (via Electrek), allowing customers to lease R1T electric pickup trucks for estimated prices starting at around $770 monthly (depending on your region). Since vehicle leases are categorized differently from purchases under the Inflation Reduction Act (IRA), lessees qualify for the full $7,500 federal tax credit for electric vehicles.

The leasing program will be available to customers in Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas and Washington. “We chose these launch states based on many factors including where our customers are located and where leasing is most popular,” a Rivian spokesperson wrote in an email to CNBC. Rivian told the outlet it plans to expand the program’s available states and vehicle models, but it didn’t offer a timeline or further details. It’s reportedly working with Chase for financing.

Although the Rivian R1T starts at $73,000, the leasing program currently only includes higher-end models hovering around $90,000. For example, when entering a Denver zip code, the automaker’s online configurator estimated prices from $87,000 to $91,000 with monthly payments in the $782 to $835 range. So, although the federal tax credits can make signing off on a new electric truck more manageable, it’s still limited to buyers with at least fairly deep pockets.

Rivian raised its production forecast for the entire year by 2,000 vehicles earlier this month. It now expects to move 54,000 units by the end of the year as it prepares for the long-delayed arrival of the Tesla Cybertruck.