Rivian Gets $827 Million of Illinois Incentives

Dow Jones05-03

By Josh Beckerman

Rivian Automotive said it received an $827 million incentive package from the State of Illinois Department of Commerce and Economic Opportunity, which will allow it to increase capacity at its Normal, Ill., plant.

The electric-vehicle company said it "will be participating in several city improvement projects to demonstrate its ongoing commitment to investing in the Illinois economy and community."

Rivian said in March that it would produce its new R2 midsize SUVs in Normal.

Rivian shares rose 8% to $9.95 after the news, but are still down 58% in 2024.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 02, 2024 15:06 ET (19:06 GMT)

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