Written by Cláudio Afonso | [email protected] | LinkedIn | X
Rivian has expanded its leasing program to include four additional U.S. states, granting access to the $7,500 EV tax credit. The addition of Maryland, New Mexico, Virginia, and Alaska brings the total number of states on the list to 30.
The leasing initiative initially launched with the R1T model in late November 2023 in select U.S. states. Last January, Rivian extended the program to include the R1S model. Potential owners opting for leasing gain flexibility with lower monthly costs and potentially reduced down payments.
For instance, Rivian is currently offering a 24-month lease with 12,000 annual miles for as low as $650 per month. The initial payment of $7,545 covers the first month’s payment, an $895 acquisition fee, and a $6,000 down payment or trade-in value.
Over the last weeks, the electric vehicle (EV) manufacturer led by RJ Scaringe has been spotted multiple times testing its highly awaited updated versions in Palo Alto, California.
Following its unveiling event in early March unveiling the next-generation R2, R3, and R3x models, Rivian is now dedicated to road tests of its R1S and R1T models which are expected to be launched in the second half of the year.
Rivian’s recent update to the NHTSA’s VIN database reveals preparations for the introduction of a Tri-Motor variant and a new “Premium” trim level for the upcoming version of its model R1S and R1T.
On Friday, Barclays analyst Dan Levy has revised Rivian Automotive’s price target down to $10 from $12 while maintaining an Equal Weight rating on the shares. The updated target represents an upside potential of 13.25 percent based on the Thursday’s closing price of $8.83 per share.
NEVER MISS AN UPDATE
Rivian’s plant in Illinois is currently temporary closed until the end of the month for the implementation of new technologies and production methods aimed at substantial cost reduction.
As initially reported by EV, the company started on Wednesday a new round of layoffs to “support our goal to be gross margin positive by the end of the year,” as said in an email to Reuters.
NEVER MISS AN UPDATE
The company recently announced that until the end of April, Rivian‘s R1T and R1S vehicles ordered from the automaker’s inventory will include a complimentary XPEL Stealth paint protective film (PPF) valued at $5,000.
Last week, the company reported 13,980 vehicles produced in the first quarter of the year of which 13,588 were delivered to its customers. Despite having previously guided a 10-15% quarter over quarter drop from the fourth quarter, Rivian is on track and reaffirmed its 2024 production guidance of 57,000 vehicles.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
