Rivian Amends Agreement With Georgia for EV Plant
September 29 2023 - 5:11PM
Dow Jones News
By Ben Glickman
Rivian amended its agreement with the state of Georgia to build
an electric-vehicle production facility, specifying how long it
would have to provide jobs and commit capital investment.
The EV maker said in a regulatory filing Friday that it would be
required to maintain its commitments to the state from Dec. 31,
2030, to Dec. 31, 2047. Those commitments include creating 7,500
new jobs and investing at least $5 billion in the project.
If Rivian fails to achieve an average of 80% of its commitments
in a given year, the company must return part of the incentive
payments it received from the state.
The amendment also allows Rivian to seek loans to finance the
project under certain conditions agreed to by the state and a
coalition of county governments.
Rivian said in the filing that the amendment gave the company
the ability to terminate the agreement before April 1, 2024, if the
company cannot be guaranteed by the state to have zoning and
ordinance exceptions at its project site.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
September 29, 2023 16:56 ET (20:56 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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