Rivian updated its incentives on Wednesday for the R1T pickup and R1S SUV, raising financing rates and lease payments across its flagship line even as demand for the two models cools and the company shifts growth toward the newly launched, cheaper R2.
The incentives were updated a day before Rivian is expected to report second-quarter production and delivery figures on Thursday.
The company lifted its lowest advertised financing rate to 1.99% APR and pushed standard Dual and Dual Standard configurations to 2.99% over a 60-month term, according to offers published on its website.
The July slate, valid until August 1, also dropped the R1 Dual Standard lease that had anchored Rivian’s entry pricing for much of the year.
The cheaper variant was scrapped in late June.
Lease
On the R1S, the Dual climbed to an estimated $1,189 a month from $1,139, the Tri to $1,689 from $1,599, and the Quad to $2,099 from $2,029.
The R1T moved in step, with the Dual rising to $1,179 from $1,129, the Tri to $1,649 from $1,559, and the Quad to $2,049 from $1,976.
Tri configurations absorbed the steepest increases, each climbing roughly $90 a month, according to Rivian’s July configurator estimates.
Gone with the lease cut is any sub-2% headline rate, a threshold the Irvine, California-based automaker had cleared as recently as June.
The 1.99% tier now applies to new 2026 R1 Tri or Dual configurations with the Performance Upgrade, while the 2.99% tier covers Dual Standard and Dual builds.
A $3,000 lease contribution toward the amount due at signing survives on 2026 R1 Tri or Dual with Performance Upgrade builds leased over 24 or 36 months.
Rivian layered on a $500 discount for any new R1 ordered between Wednesday and July 6, the one incentive on the board open to every configuration rather than a select few.
Package deals carried over unchanged, with savings of up to $7,000 on the Forest Edge Package, up to $2,200 on the Stealth Package, and up to $2,500 on the Road Trip Package.
Rivian‘s flagship portfolio spans the 2026 R1S SUV, priced from $76,990, and the 2026 R1T pickup, starting at $72,990, before an $1,895 destination fee.
A February Peak, Then a March Low
The July tightening reads sharply against where Rivian stood five months earlier.
In early February, the EV maker introduced 0% APR for 60 months on 2026 R1 Dual with Performance Upgrade, Tri and Quad configurations, its lowest financing offer to date, with delivery required by March 31.
That zero-interest floor marked the high-water mark for the year.
By the late-February drop that ran through March 4, the automaker had reinstated a $799 monthly lease on the 2026 R1 Dual Standard over 36 months, paired with $5,000 off a leased Dual with Performance Upgrade, $3,000 off a leased Dual Standard, and the 0% APR financing on Dual Performance, Tri and Quad builds.
A March 4 refresh, valid until March 20, pushed the entry lease lower still, to $749 a month on the 2026 R1 Dual Standard over 36 months.
The same refresh raised financing to 1.99% APR and swapped the $5,000 lease cash for a $6,500 rebate on a Dual with Max battery and Performance Upgrade, alongside the standing $3,000 Dual Standard lease bonus.
The last month of the first quarter delivered the cheapest advertised Rivian lease of the stretch even as the zero-interest financing began to erode.
May Brings a Brief Reprieve
Rivian steadied the entry point again in May, bringing the $799 Dual Standard lease back over 36 months.
The month carried a $3,000 reduction in amount due at signing on Dual Standard and Dual Max plus Performance builds leased over 24 or 36 months, plus 1.99% APR financing on select Dual Performance and Tri configurations.
A separate $500 discount applied to orders placed between May 21 and June 3, stackable on the lease and APR programs.
Rivian later extended the full May slate through June 4, and trimmed several monthly lease figures in the process, cutting $120 a month off the R1S Tri to $1,429 and $100 off the R1T Tri to $1,399, while paring the R1S Quad to $1,929 and the R1T Quad to $1,899.
June Splits, and the R2 Lands
Rivian cut last month its best financing rate back to 0.99% APR on 2026 R1 Dual with Performance Upgrade, with a 1.99% tier spanning Dual Standard, Dual and Tri builds, and held the $3,000 lease contribution on Tri and Dual Performance configurations.
Lease pricing moved the other way, with analysts flagging every trim as leasing worse than in May and the Dual Standard as the clearest casualty.
One widely followed lease tracker on the Rivian Forums put it plainly, recommending buyers finance an inventory Dual Large or Dual Max Performance at the promotional rate and warning, “Don’t recommend leasing an R1T this month, period.”
Rivian then removed the Dual Standard from its available offers around June 23, as the variant was discontinued.
The R2 arrived mid-month and drew its own backlash.
Rivian began sending order invitations on June 9, and the lease math on the $57,990 R2 Performance Launch Edition landed near $1,000 a month, with the configurator showing $829 monthly on a 36-month term assuming $3,500 down and excellent credit.
Margins Over Momentum
The July retreat fits a company steering toward margin rather than volume on its flagship line.
Rivian delivered 10,365 vehicles globally in the first quarter, a 20.0% increase from a year earlier, though commercial vans rather than the R1 drove the gain.
The automotive segment swung to a gross loss of $62 million in the quarter, a negative 7% gross margin, and the company has abandoned its 2027 adjusted EBITDA profitability target.
Full-year guidance of 62,000 to 67,000 deliveries leans almost entirely on the R2 ramp, with R1 and commercial van volumes expected to hold roughly flat.
