Rivian begins leasing R1T pickup trucks in select U.S. states

Michigan-based electric car maker, Rivian Automotive (NASDAQ:) announced Monday that the EV company has launched leasing for its R1T electric pickup truck for customers in select U.S. states.

The opportunity, accessible in states including California, New York, Florida, and Texas, arrives just before the debut of Tesla’s (NASDAQ:) Cybertruck, directly competing with the R1T.

Customers opting for leasing also qualify for the $7,500 federal tax credit on electric vehicle purchases, contributing to an upsurge in demand.

Earlier this month, Rivian raised its production outlook for the year by 2,000 vehicles, reaching 54,000 units due to continuous strong demand.

Shares of RIVN are up 1.08% in afternoon trading on Monday.