Rivian to Receive $827M in Illinois State Funding to Expand Normal, IL Facility
May 02 2024 - 2:30PM
Business Wire
Company intends to increase capacity of plant
to manufacture R2, its midsized SUV
Rivian Automotive, Inc. (NASDAQ: RIVN) announced today it has
received an $827M 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, IL. The
funds from the incentive package will go towards expansion of the
plant, improvements in public infrastructure and job training
programs for Rivian’s workforce, 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.
“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 always been
a strong advocate for providing economic opportunities for Illinois
residents and business owners alike. We look forward to continuing
our close partnership and building upon the success we have
enjoyed.”
“Illinois is positioned to be a powerhouse in this market for
years to come, bringing quality jobs and revitalizing communities
across the state,” said Governor JB Pritzker. “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.”
The company announced in March that production of R2, the
company’s much-anticipated midsize SUV, will begin production in
the Normal, IL manufacturing facility. This new vehicle will
deliver a combination of performance, capability and utility in a
five-seat package optimized for big adventures and everyday use.
The platform will underpin R2 vehicles. The existing plant in
Normal will continue to produce R1S, R1T, and commercial electric
delivery vehicles, and 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.
Since production began in 2021, Rivian’s Normal facility has
manufactured over 100,000 electric vehicles.
About Rivian
Rivian (NASDAQ: RIVN) is an American automotive
manufacturer that develops and builds category-defining electric
vehicles and accessories. The company creates innovative and
technologically advanced products that are designed to excel at
work and play with the goal of accelerating the global transition
to zero-emission transportation and energy. Rivian vehicles are
built in the United States and are sold directly to consumer and
commercial customers. The company provides a full suite of services
that address the entire lifecycle of the vehicle and stay true to
its mission to keep the world adventurous forever. Whether taking
families on new adventures or electrifying fleets at scale, Rivian
vehicles all share a common goal — preserving the natural world for
generations to come.
Learn more about the company, products and careers at
www.rivian.com.
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements, including without limitation statements regarding the
timeline for the creation of additional jobs in the State of
Illinois and the expansion and updating of our manufacturing plant
in Normal to accommodate the production and launch of R2. In some
cases, you can identify forward-looking statements by terms such as
“may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “targets,” “projects,” “contemplates,”
“believes,” “estimates,” “forecasts,” “predicts,” “potential” or
“continue” or the negative of these terms or other similar
expressions, although not all forward-looking statements use these
words or expressions.
We have based these forward-looking statements largely on our
current expectations and projections about future events and
financial trends that we believe may affect our business, financial
condition, and results of operations. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance, or
achievements to be materially different from any future results,
performance, or achievements expressed or implied by the
forward-looking statements, including, but not limited to, the
important factors discussed in Part I, Item 1A, “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31,
2023, and our other filings with the Securities and Exchange
Commission. The forward-looking statements in this press release
are based upon information available to us as of the date of this
press release, and while we believe such information forms a
reasonable basis for such statements, such information may be
limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information. These
statements are inherently uncertain, and investors are cautioned
not to unduly rely upon these statements. While we may elect to
update such forward-looking statements at some point in the future,
we disclaim any obligation to do so, even if subsequent events
cause our views to change.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502410154/en/
Kelsi Horn, media@rivian.com
Rivian Automotive (NASDAQ:RIVN)
Historical Stock Chart
From Apr 2024 to May 2024
Rivian Automotive (NASDAQ:RIVN)
Historical Stock Chart
From May 2023 to May 2024