Rivian which is backed by Amazon and Ford has now secured a massive incentive package in the US which is worth $1.5 billion for a factory that it is building in Georgia for EVs. Rivian announced in December after beginning production of its EVs that it was making a massive $5 billion investment in Georgia for an EV factory. Rivian has managed to negotiate an incentive package with the store which is valued at $1.5 billion if the investment by the company is fully completed within a 25 year period.
“The Georgia Department of Economic Development (GDEcD), in partnership with the Joint Development Authority (JDA) of Jasper County, Morgan County, Newton County, and Walton County, announced that the Economic Development Agreement has been signed by the JDA, the State of Georgia, and Rivian to move forward on the company’s $5 billion Georgia project, which will create 7,500 jobs with an average wage of $56,000 at Stanton Springs North. Rivian also released an updated site rendering and site plan for their carbon-conscious campus off I-20, east of Atlanta. The JDA approved the agreement at a meeting on April 26,” the press release said.
Delivery window has been pushed back to between May and July at the earliest.
“Rivian is a historic win for Georgia, not only putting our great state at the forefront of the electric vehicle revolution but also a significant win for the four-county JDA. We are thrilled to be able to now share more of the incredible benefits this project is bringing to the region and couldn’t be prouder of the positive effects this project will have on families, schools, and communities. Rivian will not only employ thousands of Georgians with well-paying jobs of the future, but they will be a welcome new addition to Georgia’s business community,” added Pat Wilson, the Georgia department of economic development commissioner.
One of the ideas for the incentive is to keep the project on schedule. Rivian had originally planned to start construction in the summer of 2022 and the production of new electric cars would’ve started in 2024. Its plans in the past have revealed 20 million square feet of buildings, a test track and even an adventure trail in the facility.
Highlights
- Rivian will be opening a new factory in Georgia
- It will get a $1.5 billion rebate on its $5 Billion investment
- Its value recently plummeted because of its slow production
Keyword: Rivian Has Secured $1.5 Billion Incentives For New Factory In Georgia