Rivian (RIVN) adds R1S SUV to lease program and expands to a new state

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Two months after first introducing its first-ever lease program for the R1T pickup, Rivian has expanded the offers to now include its other flagship EV – the R1S SUV. Additionally, the American automaker has extended the lease program to an additional territory in the US.

Rivian ($RIVN) looks to continue its momentum in 2024 following a relatively strong second half of 2023 and looks to do so on the wings of its two passenger EV models – the R1T pickup and R1S SUV. Although these flagship models first hit the market in 2021, the ability to lease one was not an option until late last year.

Following an announcement in November 2023 that a lease program was in the works, Rivian began offering pre-configured R1T models to customers to lease, but only in 14 states to start. At the time, we reported Rivian’s plans to expand the lease program to custom-built R1Ts and, eventually, R1S SUVs.

Today, the company has made good on its promise to deliver the latter as US customers can lease an R1S of their own.

Rivian R1S lease
Source: Rivian.com

Rivian Dual-, Quad-Motor R1S SUVs now available for lease

Per Rivian, consumers in the following states are now eligible for the R1S lease program, which pertains to pre-configured Quad-Motor AWD and Large Pack variations, as well as Dual-Motor Large or Max pack versions, starting at $1,169/month.

The American automaker has also added another state to its lease program – Illinois, where the EVs are currently built. That brings the total to 15 states in all. Here’s the complete list:

  • Arizona
  • California
  • Colorado
  • Florida
  • Georgia
  • Illinois
  • Massachusetts
  • Michigan
  • Missouri
  • New Jersey
  • New York
  • Nevada
  • Pennsylvania
  • Texas
  • Washington

Rivian shared that an R1T or R1S lease immediately qualifies for the $7,500 clean vehicle tax credit, which is automatically deducted from the total price of the vehicle through Chase, Rivian’s leasing partner.

Current delivery windows for an R1S lease are 1-2 weeks. You can explore Rivian’s R1S lease inventory here.

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