Rivian Receives $827M Incentive Package
The package will allow the manufacturer to invest in plant expansion, employee training & public infrastructure...
Rivian Automotive Inc. (NASDAQ: RIVN) has received an $827 million incentive package from the State of Illinois Department of Commerce & Economic Opportunity, which will allow the company to expand operations at its plant in Normal, Illinois.
The funds from the package will go toward expansion of the plant, improvements in public infrastructure and job training programs, leading up to the company’s production of its midsized SUV, R2. Rivian will be participating in several city improvement projects to demonstrate its ongoing commitment to investing in the Illinois economy and community, according to an announcement.
“We are grateful for this investment from the State of Illinois and for the leadership of Governor Pritzker, President Harmon, and Speaker Welch,” said RJ Scaringe, Rivian founder and chief executive officer. “The support from the state will allow us to quickly bring our midsize SUV, R2, to market and provide even greater consumer choice for EVs. Governor Pritzker has been a strong advocate for providing economic opportunities for Illinois residents and business owners alike. We look forward to continuing our partnership and building upon our success.”
“I want to thank our partners at Rivian, who have doubled down on their investment in Illinois. Together, we’re taking a tremendous step forward – for our electric vehicle ecosystem, for our economy, and for our state. Each and every dollar invested in this market is a win for the working people of Illinois and brings us a step closer to meeting our ambitious climate goals,” said Illinois Gov. JB Pritzker.
The company announced in March that production of R2, the company’s midsize SUV, will begin production in the Normal manufacturing facility.
The existing plant in Normal will continue to produce R1S, R1T and commercial electric delivery vehicles. Updates to the facility will begin in the coming months.
Rivian has invested more than $2 billion in Normal. In just three years, Rivian has also generated a value add of over $3.9 billion to the local economy, which has brought increased development to the area, the announcement stated.
Since production began in 2021, Rivian’s Normal facility has manufactured over 100,000 electric vehicles.
