Investors haven't had a ton of pleasant news from Rivian Automotive (NASDAQ: RIVN) recently. The company reported a 36% decline in third-quarter deliveries and slashed its full-year production by as much as 10,000 units. It's experiencing a production snag due to a shortage of specific components and is in the middle of a court battle with a massive-automotive supplier.

But if you're a Rivian investor in need of a little good news, read on.

New revenue stream

Raise your hand if you had Rivian selling pre-owned vehicles this year on your bingo card. You won't be blamed if that wasn't on your radar, but in fact Rivian has started a pre-owned program, and it's a bigger deal than some investors might think.

As deliveries of new Rivian vehicles stall, the company launched a pre-owned sales program for the R1T and R1S, which opens a brand new path for revenue. This was made possible due to its leasing program that started up almost a year ago. As the cars return from leasing, Rivian's pre-owned program can offer consumers a more-affordable used-vehicle option, thus opening the doors to a more price-conscious consumer.

Rivian is making the strategic move three years after starting production, and it's following in the historic footsteps of fellow EV maker Tesla, which started a pre-owned program way back in 2015. As Edmunds senior analyst Ivan Drury recently explained to Automotive News:

It's almost mandatory if you want to be taken seriously .... For consumers testing the waters on brands they've never had experience with, you want as many things as possible that inspire confidence, and these programs speak to that.

Here's why it matters

There's also good reason for investors to believe this is a step that could eventually move the needle in terms of revenue. Consider that a recent report from Cars.com found that demand for used EVs is up 32% year over year, which is more than three times that of new EVs.

One example of the difference this can make for consumers can be found on Rivian's website where it offers a pre-owned R1T with a large battery pack and just over 16,500 miles for roughly $62,000; the original sticker price was $87,000.

The drastic price drop is driven by a steeper depreciation on new EVs compared to gasoline and hybrid vehicles. For investors, and Rivian, the pre-owned program can even boost profits because retailers are able to price their vehicles above market value in exchange for the comfort consumers receive from having the company provide detailed inspections and factory warranties.