Rivian Introduces Pre-Owned Sales Program To Drive Growth Amid Stagnation

In a move to stimulate growth amid stagnant new vehicle deliveries, Rivian has launched a pre-owned sales program for its R1T pickup and R1S electric vehicle (EV) models.

Inspection and Warranty Coverage

Rivian is now offering select used R1 models on its online store, with prices starting as low as $62,370 for a 2023 R1T with 16,581 miles. The company says the pre-owned vehicles undergo a comprehensive 130-point inspection and come with a factory warranty covering the vehicle, battery, and drivetrain.

As Rivian aims to expand its pre-owned sales and make its EVs more accessible to more people, the launch of Rivian’s used vehicle program follows a similar move by industry leader Tesla, which has sold certified pre-owned models since 2015.

Navigating a Challenging Market

Moreover, Rivian is facing headwinds with its new vehicle business, as registrations of the R1T and R1S fell 0.3% in July compared to a year earlier. The company has forecast flat production in 2024 at 57,000 EVs.

The used EV market has become increasingly attractive for buyers as new electric models face steeper depreciation than their gas-powered counterparts. According to a September report from iSeeCars, used EV prices fell 25% in August compared to the prior year.

Rivian’s pre-owned sales program could prove crucial as the company looks to generate additional revenue streams. The company reported a $1.5 billion net loss in Q2 2024 as it works to ramp up production.

As Rivian’s leasing program matures and customers begin trading in their R1 models for the upcoming, more affordable R2 crossover, the used vehicle business is expected to grow.

Read More: Rivian Unleashes Major Software Update With ‘Launch Mode’ For Tri-Motor R1T And R1S

For now, Rivian’s pre-owned inventory is limited, with sales currently restricted to California and Illinois. As a result, the launch of the program marks a noteworthy step for Rivian as it seeks to capitalize on the growing demand for previously owned EVs.

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