With the federal EV tax credit ending, electric vehicle maker Rivian updated on Wednesday the purchasing and leasing terms for October.
First introduced twenty years ago and significantly expanded in 2011, the consumer tax credit applied to both purchased and leased vehicles.
To qualify, leased vehicles had to be delivered by September 30, while purchased vehicles only needed to be ordered by then.
Rivian focused on promoting leasing contracts, as most R1 model purchases did not qualify for the tax credit, with the final vehicle price typically exceeding the $80,000 limit.
However, standard versions of both the R1S SUV and the R1T pickup truck remain priced below this threshold, despite slight price increases in its 2026 versions.
Three months ago, the EV maker introduced the 2026 R1S and R1T models. However, it still has 2025 model year units in its inventory.
For those, the brand started offering on Wednesday 1.99 APR (Annual Percentage Rate) on new purchases for 60-month contracts. The offer applies until the end of October.
For the new 2026 models, Rivian offers a 3.99% financing rate on contracts of the same duration, if celebrated until the end of the month as well.
As first reported by the Rivian owner and enthusiast Chris Hilbert on X, the Irvine-based company has also updated its leasing prices.
The changes come just two weeks after its previous adjustment, which affected the Standard and Tri-Motor versions of both R1 models.
In its latest update, the company has cut the pricing on both Standard versions of the R1S and R1T, to $709 per month (from $819) and $719 (from $819), respectively.
The R1S Quad saw its monthly lease price drop by $30 to $1,769, while the R1T Quad remained unchanged at $1,749 per month.
For the Dual Motor trims, monthly payments increased to $909 for the R1S (up from $879) and $889 for the R1T (up from $859).
The largest increases occurred in the Tri-Motor versions: the R1S rose by $100 to $1,399 (from $1,299), and the R1T increased to $1,369 (from $1,229).
As it reported its second quarter financial results in August, the company said it expected the third quarter to be the strongest of the year, with the termination of the EV credit boosting EV demand.
The EV maker expects annual delivery figures to range between 40,000 and 46,000 vehicles — less vehicles than it delivered in 2024 and 2023.
Rivian delivered 8,640 electric vehicles in the first quarter and 10,661 units in the second quarter. According to Motor Intelligence data estimates, the EV maker sold 9025 units in July and August combined.
The platform is expected to release the September figures later on Wednesday, while Rivian will release production and delivery figures for the third quarter on Thursday.
