In a statement earlier this week, the State of Georgia and Rivian Automotive Inc. said the electric automaker would be receiving $1.5 billion in incentives and tax credits for its planned manufacturing facility outside Atlanta, which will reportedly produce vehicles and battery cells.
As part of the agreement, by 2028, Rivian must have 7,500 employees at the factory who will receive an average salary of $56,000 annually. Under the terms, to receive the entire $1.5 billion in incentives and credits, Rivian must make a $5 billion investment in the plant.
Pat Wilson, the Economic Development Commissioner for Georgia, said the agreement puts Georgia “at the forefront of the electric vehicle revolution.” Rivian is still in the process of receiving required construction permits and other approvals but hopes to have the plant operational by the end of 2024.
Rivian first announced it would be building a Georgia-based manufacturing facility in December of last year after considering other locations such as Fort Worth, Texas. The company has an existing plant in Normal, Illinois. Since its incorporation, it has released an electric pickup, electric SUV, and electric delivery van.
Like other automakers, Rivian has been negatively impacted by the ongoing supply chain issues and shortages of critical parts such as semiconductor chips. Investors have recently been skeptical about Rivian’s performance, and shares have reportedly plunged over 75% since November.
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