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Rivian Automotive, Inc. (NASDAQ:RIVN) on Monday quietly sneaked in a price benefit to its users even as industry leader Tesla announced price cuts over the weekend.
What Happened: Commemorating the ‘Earth Day,’ observed every year on April 22, Rivian said it would start offering a discount of up to $5,000 on qualifying new R1 models when customers trade in select gas-powered vehicles.
Additionally, buyers become eligible for a year of charging on the Rivian Adventure Network at no additional cost.
The discount, ranging from $1,000 to $5,000 is made available to customers in the U.S. and Canada and is applicable for deliveries taken between Monday (April 22) and June 30. The details of the trims and the applicable discounts are as follows:
| Discount (USD) | Discount (CAD) | |
| R1T Standard, Standard+ Pack | $3,000 | C$4,500 |
| R1T Large Pack | $4,000 | C$6,000 |
| R1S Large Pack | $5,000 | C$7,500 |
| R1S Large Pack | $1,000 | C$1,500 |
For availing the vehicle must be selected and purchased or leased through Rivian's online Shop.
Vehicles eligible for trade-ins are:
Rivian said the Earth Day is a “time to celebrate the planet we call home and think about ways to preserve it for generations to come. We want to help you get into a more environmentally friendly, zero-emissions Rivian vehicle.”
See Also: Best Electric Vehicles
Why It’s Important: Tesla announced over the weekend a flat $2,000 cut in the prices of all trims of its Model Y, S and X vehicles. It isn’t quite apparent whether Rivian’s own discount is a reactionary move. At least the company did not project it as a configurator price cut and structured it as a limited period discount. To top it, it is a trade-in benefit.
Fund Manager Gary Black is not a fan of configurator price cuts, and following Tesla’s weekend price cuts, he warned that rivals would match the move. Tesla, therefore, will unlikely see any volume benefit, he added.
Chinese EV startup Li Auto, Inc. (NASDAQ:LI) on Monday announced sharp price cuts for almost its entire lineup, towing in line with Tesla’s cuts in the country.
In premarket trading on Tuesday, Tesla shares slipped 0.46% to $8.75, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next: Rivian May Bring Back A Beloved Feature With A Twist: Modified Tank Turn For Off-Roading
Photo by Tada Images on Shutterstock
