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Rivian ($RIVN) Secures $827M in State Funding to Expand Illinois Manufacturing Plant

03 May 2024

Rivian Automotive (NASDAQ: RIVN), a leading electric vehicle manufacturer, has secured an $827M incentive package from the State of Illinois Department of Commerce & Economic Opportunity. This funding will facilitate the expansion of Rivian's Normal, IL plant, focusing on plant expansion, infrastructure enhancements, and workforce development initiatives. 

In March, the facility announced the commencement of production for its highly anticipated midsize SUV. The R2 will offer a blend of performance, capability, and utility tailored for both adventurous trips and everyday use, underpinned by a versatile platform. Additionally, the existing plant will continue producing R1S, R1T, and commercial electric delivery vehicles, with facility updates set to begin soon.

RJ Scaringe, Rivian Founder and Chief Executive Officer stated: “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.”

Rivian is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories.

Shares of Rivian Automotive trade on the NASDAQ under the ticker symbol RIVN.

 

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