Rivian to build new $5 billion electric vehicle factory in Georgia
Rivian an Amazon-backed electric vehicle maker has announced a new $5 billion electric vehicle factory in Atlanta, Georgia. It will be the second factory in Georgia. The electric automaker will start its production at the new plant in 2024.
The new factory’s construction will commence in summer 2022 and the Rivian claims that this $5 billion plant will be the largest economic development deal in the history of Georgia. When the factory will be built it will employ more than 7,500 people which is going to build Rivian’s next generation of electric vehicles.
Rivian electric vehicle factory
The company has also announced that it is expanding production at its Illinois factory from 150,000 units a year to over 200,000 and expects annual production at the Georgia factory will be nearly double at 400,000 vehicles a year. The Rivian has just started production of its first electric vehicles such as the R1T electric pickup truck and R1S electric SUV at its factory in Illinois.
recently announced that it has sold shares in its initial public offering (IPO) at $78 per share to raise about $11.9 billion which is the biggest first-time share sale this year.
According to the company’s statement, Rivian’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market on November 10, 2021, under the ticker symbol “RIVN.” The offering is expected to close on November 15, 2021, subject to the satisfaction of customary closing conditions.
In July, Rivian had raised $2.5 billion in investment round with investments from Amazon, Ford, and others. The company has also confirmed that is looking for a location for a second electric vehicle factory in the US. Rivian has been able to raise billions of funds privately from the companies such as Ford and Amazon. It said that it is looking for a second factory in the US that will also be having battery cell production. The Rivian’s current factory in Illinois has a capacity for as many as 300,000 vehicles per year.
Rivian last year also had raised another $1.3 billion from the investors led by T.Rowe Price ( mutual fund company) to support its battery-powered pickup trucks and delivery vans on track for a U.S launch in late 2020. To help the startup to handle huge delivery orders which starts in 2021.
“We’re happy to partner with Georgia on our new manufacturing site, which will build our next generation of products that are important for scaling our business. Our work together is driven by a compelling purpose and rooted in building a highly collaborative environment that creates a true sense of belonging. We’re excited for Georgians to bring their creativity and ideas to Rivian. We’re confident that, alongside Illinois, Georgia is the place for Rivian to continue to scale and thrive,” said Rivian Chief People Officer Helen Russell.
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