Rivian Gets Green Light for $5B EV Facility in Georgia!
EV manufacturer Rivian (RIVN) has triumphed in Georgia as the state's Supreme Court declined to hear an appeal challenging the legitimacy of the company's anticipated property tax breaks for its forthcoming $5 billion electric vehicle facility.
Initially announced in December 2021, the colossal 2,000-acre plant will have the capacity to produce up to 400,000 electric vehicles annually, dwarfing Rivian's current Illinois facility with a maximum annual production of 150,000 EVs.
Despite facing opposition and legal challenges, Rivian's incentive package, amounting to over $1.5 billion, was upheld by an appellate court, solidifying its position as the second-largest incentive package in Georgia's history, following Hyundai Motor Group's deal for its $5.5 billion EV assembly plant.
The green light from the Supreme Court means the facility can move forward, with grading already underway and production expected to commence in 2026. Rivian's CEO, RJ Scaringe, reaffirmed the company's commitment to the project.
Upon completion, the Georgia facility is projected to employ 7,500 workers, fostering numerous related jobs and suppliers, contributing to a thriving community and benefiting the e-mobility ecosystem and other industries in its supply chain.
Rivian's recent success in surpassing analyst expectations, delivering 12,640 EVs in the second quarter while producing almost 14,000, underscores the company's upward trajectory. It has also introduced new in-house technologies that are set to streamline production and aims to produce 50,000 EVs in the current year, more than doubling its output from 2022.
Despite the absence of an official groundbreaking event, the site is currently undergoing grading. The commencement of production is now slated for 2026, where Rivian will construct their cutting-edge R2 series products.