Sources: Rivian to build $5B electric truck plant in Georgia

Associated Press2021-12-16

ATLANTA (AP) — Electric vehicle maker Rivian Automotive will announce Thursday that it’s building a $5 billion battery and assembly plant east of Atlanta that’s projected to employ 7,500 workers, ...

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Comments

Charmagne
2021-12-16
Charmagne
k
andrew123
2021-12-16
andrew123
Like n comment
TK360
2021-12-16
TK360
Nice
Zlatan
2021-12-16
Zlatan
Ok
KeeBoonTong
2021-12-16
KeeBoonTong
Lalalala
- KeeBoonTong:
  lalala
Leeyongtatt
2021-12-16
Leeyongtatt
Wow
- rongjun:
  Wa

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Rivian’s existing plant in Normal, Illinois, like most auto plants that have opened in recent decades, is not unionized.\nGeorgia officials are unlikely to detail the full incentive package offered to Rivian on Thursday, but the company could max out what Georgia calls its “mega project tax credit,” for companies that hire at least 1,800 people or invest at least $450 million. That could be worth $118 million in state income tax credits. Local governments are likely to abate property taxes.\nKia got more than $450 million in incentives for its plant southwest of Atlanta. Georgia has promised $300 million of incentives to the $2.6 billion, 2,600-worker battery plant being built by SK Innovation in Commerce, Georgia, northeast of Atlanta.\nRivian, like Tesla, deals with its customers directly instead of through dealers. Its arrival in Georgia could prompt the state to loosen a law that mostly prohibits manufacturers from selling directly.\nRivian currently plans two models for consumers — the R1T pickup with a base price of $67,500 and the R1S SUV, with a base price of $70,000. The truck was recently named Motor Trend’s 2022 truck of the year.\nAmazon, which owns a slice of the company, has ordered 100,000 delivery vans, launching Rivian into the commercial vehicle business.\nRivian is flush with cash following a $11.9 billion stock offering Nov. 10 that took the company public, allowing it to finance the new plant. Its market value is nearly $95 billion, more than either General Motors or Ford.\nThe company argues that electric vehicle adoption is at the “tipping point” and it is well positioned for success because trucks and SUVs have long been the most profitable vehicles sold. But some analysts question whether it needs another plant besides the former Mitsubishi plant in Illinois, that Rivian bought for $16 million in 2017. Rivian says it has a yearly capacity of 150,000 vehicles, but is looking to expand there as well.\n“It seems like it might be a little premature to invest that much in another large plant just yet,” said Sam Abuelsamid, principal mobility analyst for Guidehouse Insights, who said Rivian also may be looking for a manufacturing site in Europe.\nGiven the size of the Georgia plant, Abuelsamid expects it to make other parts for the vehicles, similar to electric vehicle leader Tesla making seats at its factory in Fremont, California.\nRivian has cash in the bank, but will burn through that quickly unless it starts delivering vehicles and generating cash, jeopardizing its market darling status, Abuelsamid said. The company needs more retail customers and commercial vehicle buyers other than Amazon, he said.\n“If actual deliveries don’t start picking up, the markets could turn against them as they have with some other EV startups not called Tesla,” Abuelsamid said. “Unlike Tesla, Rivian will be facing serious competition in a much shorter time frame than the near- decade head start that Tesla had.”\nFord and GM plan to start selling their own electric pickup trucks in the next year or two, while Tesla also plans a new pickup. That’s part of a wave of electric vehicle investment, with SK’s $5 billion battery plant northeast of Atlanta just one example. Ford announced in September it would spend $11.4 billion to build three battery factories and an assembly plant in Kentucky and Tennessee.\nThe LMC Automotive consulting firm expects U.S. sales of new fully electric vehicles to hit nearly 400,000 this year, nearly double last year’s figures. But they still make up only about 2.6% of sales. The firm expects sales to grow to more than 730,000 next year and more than 2 million by 2025. 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