Photo: Rivian
Rivian has finally matched production with the demand for its electric vehicles, with the R1S now reaching enough availability. This is indicated by the presence of the seven-seater SUV with immediate delivery in the R1 Shop. Rivian is also offering the R1S through its leasing program in 15 US states.
For the past two years, Rivian has struggled to build enough electric vehicles to satisfy the demand. This has been especially true in 2022, when supply chain issues have hampered production. It wasn't just Rivian affected by this industry-wide problem, but being a startup makes everything more difficult. Every component you order from suppliers must be paid in advance, and you're always at the back of the queue, behind customers with much bigger orders. The economy of scale is not just an expression, after all.
Thankfully, things have improved throughout 2023, and Rivian has been able not only to deliver more trucks to its customers but also to surpass Wall Street's expectations as far as deliveries and financials are concerned. The complete 2023 data has yet to be released, but I expect February 21 to be a good day for the EV startup that is trying to break even by the end of this year.
A promising sign that production is finally catching up was when Rivian started selling R1T configurations from inventory, with almost immediate delivery. The R1 Shop was quickly populated with dozens of configurations, making it easier than ever to order an R1T pickup truck. The R1S SUV hasn't seen the same abundance, even though Rivian pledged a significant percentage of its production capacity to the electric SUV. Until now, that is.
Rivian announced that the R1S is now finally available for immediate purchase in the R1 Shop, with deliveries expected in one to two weeks. This means that those EVs are already in inventory, and they are delivered as soon as Rivian can get them to a Service Center. The EV startup must have quite a bunch of them because it's pulling all the strings to have them moved as fast as possible.
Until now, the leasing program was only offered to R1T buyers and only for inventory vehicles in select US states. Rivian has expanded the program to include the R1S but kept the same restrictions. That is, you need to be from one of the 15 states where Rivian is offering leasing as a buying option, and only vehicles in the inventory can be bought this way.
The good news is that Rivian passes the entire $7,500 tax credit to the lessee as a "lease credit." When you lease a Rivian R1S, you will receive a $7,500 capital cost reduction applied to your lease. This is offered regardless of the price of the vehicle or your income. To benefit from this offer, you need to take delivery of an R1S on or before January 31, 2024.
Thankfully, things have improved throughout 2023, and Rivian has been able not only to deliver more trucks to its customers but also to surpass Wall Street's expectations as far as deliveries and financials are concerned. The complete 2023 data has yet to be released, but I expect February 21 to be a good day for the EV startup that is trying to break even by the end of this year.
A promising sign that production is finally catching up was when Rivian started selling R1T configurations from inventory, with almost immediate delivery. The R1 Shop was quickly populated with dozens of configurations, making it easier than ever to order an R1T pickup truck. The R1S SUV hasn't seen the same abundance, even though Rivian pledged a significant percentage of its production capacity to the electric SUV. Until now, that is.
Rivian announced that the R1S is now finally available for immediate purchase in the R1 Shop, with deliveries expected in one to two weeks. This means that those EVs are already in inventory, and they are delivered as soon as Rivian can get them to a Service Center. The EV startup must have quite a bunch of them because it's pulling all the strings to have them moved as fast as possible.
Until now, the leasing program was only offered to R1T buyers and only for inventory vehicles in select US states. Rivian has expanded the program to include the R1S but kept the same restrictions. That is, you need to be from one of the 15 states where Rivian is offering leasing as a buying option, and only vehicles in the inventory can be bought this way.
The good news is that Rivian passes the entire $7,500 tax credit to the lessee as a "lease credit." When you lease a Rivian R1S, you will receive a $7,500 capital cost reduction applied to your lease. This is offered regardless of the price of the vehicle or your income. To benefit from this offer, you need to take delivery of an R1S on or before January 31, 2024.
Leasing is now available on R1S. Get all the adventure of owning a Rivian with the flexibility of leasing. R1S configurations are also available for immediate purchase in our online shop. No reservation required. https://t.co/W162Acm5zO pic.twitter.com/ZAbJ9GHETi
— Rivian (@Rivian) January 17, 2024
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