$5 Billion Rivian Plant ⚡

$5 Billion Rivian Plant

Electric vehicle maker Rivian Automotive will announce Thursday that it is building a $5 billion battery and assembly plant east of Atlanta that’s projected to employ 7,500 workers, sources briefed on the decision told The Associated Press.

Rivian, based in Irvine, California, is a startup manufacturer of electric trucks and commercial delivery vans, challenging both established automakers like Ford and General Motors and electric vehicle leader Tesla.

Amazon, one of Rivian’s largest investors, has a deal to acquire 100,000 Rivian delivery vans by 2030. Rivian also says it has 55,000 combined pre-orders for its luxury R1T pickup and R1S sports utility vehicle.

The plant would rank as one of Georgia’s largest-ever economic development projects and could grow to include as many as 10,000 jobs over a span of several years.

The Rivian factory also would be the first automotive assembly facility in Georgia since Kia Motors announced in 2006 it would build a plant in West Point near the Alabama border.

The company argues that electric vehicle adoption is at the “tipping point” and it is well-positioned for success because trucks and SUVs have long been the most profitable vehicles sold.

Rivian is one of several companies competing to gain shares in the flourishing electric vehicle marketplace. The firm went public last month and has a market value of roughly $95 billion, higher than industry stalwarts General Motors and Ford.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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