Rivian is offering up to $5,000 off its electric vehicles — and a year of free charging — to customers looking to trade in their gas-powered trucks and SUVs.
The deal, which began April 22, directly targets some of the best-selling and most ubiquitous gas-powered trucks and SUVs on the market today, including the Ford F-150, Toyota Tacoma and Jeep Wrangler. Rivian is even chasing German automakers Audi and BMW. The price cut ranges between $1,000 and $5,000 depending on the model. Rivian is offering discounts on three R1T truck trims and an R1S SUV model.
The company promoted on Monday the “Electric Upgrade Offer” in an email to prospects as well as in posts on social media. The discounts come as demand for premium and luxury EVs has softened across the industry, prompting automakers such as Ford, Lucid and Tesla to cut prices. Faced with uncertain demand, many traditional automakers have also scrapped plans to shift their portfolios to battery-electric vehicles only. Gas-powered vehicles and hybrids are back in fashion, thanks to the solid sales and profit margins they provide.
Rivian, which is expected to produce only about 57,000 EVs in 2024, won’t phase out the best-selling trucks on the market. But the approach could help it win a new batch of customers.
Only owners of certain gas-powered vehicles will be eligible to trade in. These include 2018 or newer Ford F-150 trucks, Ford Explorer, Ford Expedition and Bronco, with the exception of the Bronco Sport. Other eligible trade-ins are 2018 or newer Toyota Tacoma, Toyota Tundra, Toyota Highlander, Toyota 4Runner Jeep Grand Cherokee, Jeep Wrangler and Jeep Gladiator. The Audi Q5, Q7 and Q8 as well as the BMW X3, X5 and X7 also qualify.
The offers are valid for customers looking to lease or buy a vehicle, although they must take delivery by June 30. Rivian is also offering one year of free charging on any Rivian charger in the United States as an added sweetener. Rivian fast chargers, called the Rivian Adventure Network, are not as plentiful as the Tesla Supercharging network. The company has installed 433 fast chargers at 71 stations, including in Arizona, California, Oregon, Washington, Colorado and along the East Coast. Rivian has also installed 482 Level 2 chargers (called Waypoints) in 180 lifestyle locations across the United States.
