This Part of Rivian Is Thriving
Rivian Automotive (NASDAQ: RIVN) just reported mixed third-quarter results featuring a wider-than-expected loss and a production and supplier snag, but reaffirmed full-year guidance for production, deliveries, and its target to achieve positive gross profits in the fourth quarter.
The third quarter also brought evidence Rivian is taking the next step to evolve as an automaker, and the leasing program is not only thriving, but also giving birth to a pre-owned vehicle program -- both developments can help move the needle for investors.
Leasing is important for a couple of reasons. One thing leasing does is bring down the price of vehicle ownership for more price-conscious consumers. In a way, offering to lease the vehicle is an opportunity to rope in more potential customers who are on the fence about purchasing a Rivian. For an example of the price difference, Rivian offered a pre-owned R1T with 16,581 miles for $62,370, which originally had a sticker price of $87,000.
Source Fool.com
