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Rivian signs agreements with Georgia to start building EV factory (Nov 13)

The Rivian name and logo are shown on one of their new electic SUV vehicles in California
April 26, 2024
Reuters - Reuters

(Reuters) - (This Nov. 13 story has been corrected throughout to remove the reference to Rivian's plans to raise nearly $15 bln in debt for an EV plant in Georgia and instead to say that the company has signed an agreement with the state that will allow it to start building a planned EV factory)

Rivian Automotive said in a filing on Monday it signed agreements with the state of Georgia that will allow it to start building a planned electric-vehicle factory.

The agreement provides for Rivian to rent land, and machinery to operate the plant, for which the company will pay about $300 million in property tax payments.

Rivian first announced its $5 billion EV factory just outside of Atlanta, Georgia in late 2021. Those lease payments to Georgia could increase if the investment Rivian committed to increases beyond $5 billion. The agreement is set to expire Dec. 1, 2047.

The new plant will employ more than 7,500 people and eventually build 400,000 vehicles a year.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi Aich)

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