Rivian signs agreements with Georgia to start building EV factory (Nov 13)

reuters | November 14, 2023

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(Reuters) – (This Nov. 13 story has been corrected throughout to remove the reference to Rivian’s plans to raise nearly $15 bln in debt for an EV plant in Georgia and instead to say that the company has signed an agreement with the state that will allow it to start building a planned EV factory)

Rivian Automotive said in a filing on Monday it signed agreements with the state of Georgia that will allow it to start building a planned electric-vehicle factory.

The agreement provides for Rivian to rent land, and machinery to operate the plant, for which the company will pay about $300 million in property tax payments.

Rivian first announced its $5 billion EV factory just outside of Atlanta, Georgia in late 2021. Those lease payments to Georgia could increase if the investment Rivian committed to increases beyond $5 billion. The agreement is set to expire Dec. 1, 2047.

The new plant will employ more than 7,500 people and eventually build 400,000 vehicles a year.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi Aich)