Rivian targets gas-powered Ford and Toyota trucks and SUVs with $5,000 'electric upgrade' discount

Rivian is offering discounts of up to $5,000 on its EVs — and a year of free charging — to customers willing to trade in their gas-powered trucks and SUVs. The company is offering discounts on three R1T pickup truck trims and one R1S SUV model.

The promotion, which kicked off on April 22, is aimed directly at some of the bestselling 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 going after German automakers Audi and BMW. The price cut varies between $1,000 and $5,000, depending on the model.

The company promoted the “electric upgrade offer” on Monday in an email to prospective customers and also via 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 reduce prices.

Faced with uncertain demand, many legacy automakers have also pared down plans to shift their portfolios to only battery-electric vehicles. Gas-powered vehicles and hybrids are back en vogue thanks to the steady sales and profit margins they provide.

Rivian, which is expected to produce only about 57,000 EVs in 2024, won’t unseat the bestselling trucks on the market. But the promotions could help it win over a new batch of customers.

Only owners of specific gas-powered vehicles will be eligible for the trade-in. The vehicles include 2018 or newer Ford F-150 trucks, Ford Explorer, and the 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 deal applies to customers who want to lease or buy a vehicle, although they must take delivery by June 30. Rivian is also throwing in a year of free charging at any Rivian-owned charger in the United States as an added sweetener. Rivian fast-chargers, which are branded the Rivian Adventure Network, are not nearly 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) at 180 live sites throughout the United States.