In celebration of the recent Earth Day, American electric vehicle manufacturer Rivian Automotive Inc. (NASDAQ: RIVN) is using a novel and unique tactic to encourage consumers to buy its electric cars. The Irvine, California-based automaker recently launched a unique trade-in price cut that would offer buyers up to $5,000 reduction if they traded in select fossil fuel-powered cars for new Rivian R1Ss or R1Ts.
This unique discount will allow interested buyers to receive thousands of dollars off their Rivian electric truck purchase when they trade in a gas vehicle, introducing an entirely new means of stimulating electric vehicle purchases to a market suffering from waning EV demand.
In an email sent out to prospective Rivian customers, the EV maker announced the $5,000 trade-in offer, dubbed the Electric Upgrade offer, that would also grant buyers access to free charging for a year at Rivian’s charging network, which is called RAN.
The email said that Earth Day was a time for celebrating planet Earth and brainstorming ways of preserving it for future generations. As such, Rivian said that it wanted to help prospective customers acquire more ecofriendly, zero-emissions vehicles made by Rivian.
Starting April 22, 2024, Rivian began offering a limited EV upgrade offer that would allow customers to access a maximum of $5,000 in discounts for a new eligible Rivian R1 when they trade in specified petrol or diesel-powered cars. This offer is currently open to buyers in Canada or the United States who lease or purchase a new Rivian R1.
The offer is slated to continue through June 30, 2024, and will be available to the R1T Standard and the Standard+ Pack, the R1T Large Pack, the R1T Max Pack and the R1S Large Pack, which will be discounted by $3,000, $4,000, $5,000 and $1,000 respectively.
According to the company’s website, customers will have to turn in one of the following models to qualify for the time-limited discount: F-150, Explorer, Expedition and Bronco (except the Bronco Sport) all from Ford; Toyota Tacoma, Highlander, Tundra, 4Runner, Grand Cherokee, Gladiator, Wrangler and Jeep; Audi Q7, Q5 and Q8; and BMW X5, X3, and X7.
The announcement comes only a few weeks after the California-based EV company surpassed the 100, 000 units produced mark at its Normal, Illinois, factory.
Rivian also unveiled two upcoming models last month: the R2, an all-electric crossover built on the company’s next-generation platform, and the R3, a compact version of the R2. The R2 is expected to advance Rivian in its journey as an automaker, allowing it to scale its operations and become a mainstream carmaker.
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