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Rivian will receive 1,5 billion dollars

Rivian will receive 1,5 billion dollars

Production is predicted to start in 2024 and company hopes that the new plant will help to boost the number of manufactured cars, because they have a problem with supply chain. According to the documents, presented by the company, Rivian plans to invest around 5 billion dollars in mentioned plant in Georgia and the support, which will be received by local and state incentives is the biggest in history. It includes tax credits, discounts and subsides.

Plant in Georgia is expected to offer 7.500 new job positions in research and development. When production will start, the plant will be able to manufacture up to 400.000 vehicles per year.

It is important to mention also that Rivian’s IPO lockup is almost over and there can be expected volatility, as millions of stocks might be put on the market.

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Movement of Rivian’s stock since coming to the market. (Source: Investing)

Sources:

https://www.investing.com/equities/rivian-automotive

https://www.barrons.com/articles/rivian-ipo-stock-price-lockup-51651494868

https://www.cnbc.com/2022/05/02/rivian-to-receive-1point5-billion-incentive-package-for-new-georgia-assembly-plant.html

https://www.reuters.com/business/autos-transportation/rivian-receive-15-billion-incentive-package-new-georgia-assembly-plant-2022-05-02/