Tag: Rivian

Rivian Expands Leasing Options to Include R1S SUV

Following the success of the R1T pickup’s leasing program, Rivian has now announced that the all-electric R1S SUV can also be leased. This development allows customers to take advantage of the full $7,500 tax credit, which isn’t available for outright purchases (though some Rivian models do qualify for a $3,750 tax credit when bought).

Rivian’s leasing program, which started with the R1T at the end of last year, now includes the R1S SUV. Leasing starts at approximately $1,000 per month, with an upfront payment of around $9,000 and a $1,000 deposit upon ordering.

Leasing Details and Availability

Customers can now lease the Rivian R1S, benefiting from the $7,500 tax credit. The best offer found in the New York area includes a ready-made R1S Quad-Motor with the large battery pack, Adventure Package, 21-inch road wheels, Glacier White exterior, and Black Mountain/Dark Ash Wood interior. This 835-horsepower vehicle accelerates from 0 to 60 mph in 3 seconds and offers an EPA-estimated range of 321 miles on a full charge.

After the initial $1,000 deposit and $8,951 due at signing, the monthly payment is $1,056 for a 36-month lease with an annual mileage limit of 10,000 miles. The vehicle’s total value is $93,750.

Rivian’s website also lists several inventory R1S models with the dual-motor powertrain available for leasing. Custom-built SUVs aren’t eligible for leasing but Rivian offers financing options with terms ranging from 48 to 84 months. The R1T pickup, Rivian’s first model to benefit from leasing, follows the same financing structure.

Impact and Availability

The R1S was Rivian’s top-selling model last year, and the introduction of leasing for inventory units is expected to boost sales further as the company aims to increase production and delivery. The leasing program is currently available in AZ, CA, CO, FL, GA, IL, MA, MI, MO, NJ, NY, NV, PA, TX, and WA.

In 2023, Rivian sold 24,783 R1S vehicles in the U.S., making it the seventh-best-selling EV in the country. The R1T saw 17,727 sales last year, indicating a growing preference for the SUV among Rivian’s customers.

For more details on the leasing options and to see available inventory, visit Rivian’s website.

The Rivian R1S MSRP prices vary from $78,000 to $102,600, while the EPA range varies from about 260 miles to 400 miles.

The Rivian R1S seven-seat SUV is quickly becoming one of the best-selling all-electric models in the United States with close to 20,000 sold during the first 10 months of the year.

It has one of the broadest choices of versions available, including three battery packs (Standard, Large, and Max) and three powertrain options (Dual, Performance Dual, and Quad), plus a few wheel sizes (20-, 21- and 22-inch). With the recent announcement of the pricing and range for the latest R1S with the Max Pack battery, today we will check out the entire lineup of the 17 available configurations. Aside from the Maxi Pack, the pricing and specs of the other R1S are basically the same as reported in May.

The all-new, 149-kilowatt-hour Max Pack battery (14 kWh bigger than the Large Pack) available on the Rivian R1S with Dual Motor (DM) powertrains makes the R1S the first and only seven-seat electric SUV with 400 miles of EPA Combined range. For reference, the Kia EV9 (7 seats) is rated at up to 280 miles, while the Tesla Model X is up to 348 miles, but both of them are also equipped with much smaller batteries—respectively 99.8-kWh or about 100-kWh (Tesla does not reveal the exact number).

The Rivian R1S DM/Performance DM Max Pack with standard 21-inch wheels has an EPA Combined range of 400 miles, but the switch to bigger 22-inch wheels reduces it by 20 miles or 5% to 380 miles. Meanwhile, the 20-inch wheels with all-terrain (AT) tires return 355 miles (which is 45 miles or over 11% less).

Compared to the Large Pack battery (135 kWh), which is also $10,000 less expensive, the range is noticeably higher:

• R1S Max Pack (AT 20-inch): 355 miles (up 48 miles or 15.6%)
• R1S Max Pack (21-inch): 400 miles (up 48 miles or 13.6%)
• R1S Max Pack (22-inch): 380 miles (up 39 miles or 11.4%)

* EPA-estimated range according to Rivian (not listed by EPA yet); 105 kWh, 135 kWh battery pack capacity according to previous reports, 149 kWh confirmed by Rivian; acceleration depends on the exact configuration; all Rivian R1Ss can tow up to 7,700 lbs

** Expected range of the Standard Pack battery, according to Rivian (no EPA-estimated numbers yet)

*** We assigned all configurations to the 2023 model year, although some might slip into the 2024 model year.

Here is a better look at the EPA-estimated range results (or expected, in the case of the Standard Pack battery) of all 17 versions, plus one additional Quad Motor Large Pack version with 20-inch wheels, which has an EPA rating (289 miles), but is not available:

The 400-mile range is a tempting option, but at the same time, the difference of up to 48 miles compared to the Large Pack is not that much.

It would be interesting to see what the range of the originally expected 180-kWh Max Pack would be. Simple math indicates that the range would be 20% higher (compared to 149 kWh), so up to roughly 480 miles and this would be extraordinary. We assume that weight and costs were the biggest concerns that prompted the company to offer the 149 kWh battery instead of a 180 kWh one.

Pricing

The base Rivian R1S DM Standard Pack, with standard 21-inch wheels, is priced at $78,000 (plus a $1,800 destination charge, the same for all configurations).

The Large Pack option costs $6,000, while the Max Pack option is $16,000 more, which means that the Rivian R1S DM Large Pack starts at $84,000, while the Rivian R1S DM Max Pack starts at $94,000.

The Performance Dual Motor option costs $5,000 more, but it can’t be combined with the Standard Pack battery. The R1S Perf. DM Large Pack starts at $89,000, while Rivian R1S Perf. DM Max Pack starts at $99,000.

Meanwhile, the top-of-the-line Quad Motor powertrain option is $8,000, but in this case, it’s available only with the Large Pack battery and is priced at $92,000.

There is no $7,500 federal tax credit for the Rivian R1S, aside from the entry-level Rivian R1S DM Standard Pack, which fits under the $80,000 price cap, although we don’t whether any will be delivered before the end of 2023.