Georgia will front Rivian $1.5 billion for a new R1T and R1S electric trucks plant
The state of Georgia just got a leg up in the fight to attract Rivian's manufacturing plant investment that is valued north of US$5 billion. The new Rivian factory will add ramp-up capacity for the R1T and R1S electric truck deliveries whose preorders have been lining up for a good while now. In addition, Rivian may start producing its own batteries there, after the partnership with Samsung failed to materialize due to inflexible IP transfer demands by the electric pickup maker.
The Governor of Georgia, Brian Kemp, announced that they will give Rivian the whopping US$1.5 billion in incentives if it chooses the Peach State as the place for its new factory investment. These include basics like a free land plot, logistics perks such as a new interchange along Interstate 20, as well as a workforce training centre.
The financial bonuses consist of both state and local tax breaks and the whole package amounts to a billion and a half should Rivian choose to create 7,500 new jobs in the state. According to the Governor, this would be the largest single investment in Georgia and he is adamant to attract it with generous incentives thrown to the American EV maker. For Rivian, whose share price is a third of the peak they reached after last year's IPO because of multiple production challenges, the new plant will be a way to prove to investors it can scale up deliveries, and fast.