Rivian Announces $827 Million From Illinois For Plant Expansion — Triggering Share Jump
Summary
Rivian shares increased as much as 9% in intraday trading Wednesday following an announcement it will receive $827 million from the state of Illinois for the expansion of its plant in the city of Normal, furthering its investment in the facility about two months after it indefinitely paused plans for a $5 billion plant in Georgia.Rivians stock, which opened Thursday at $9.42, traded up as high as 9% before settling down to $9.83up 6.7% on the day. The $827 million incentive package will be provided by the State of Illinois Department of Commerce & Economic Opportunity and be allocated toward the expansion of Rivians plant and job training programs for its employees. Updates to Rivians plant in Illinois will begin in the coming months, according to the announcement, as the plant continues to produce the automakers R1S (SUV) and R1T (pickup truck) models alongside commercial electric delivery vehicles. The Rivian gains made Thursday contribute to a more than 14% increase in share price made in the last five days, though the automakers share price is down more than 44% in the past six months.Get Forbes Breaking News Text Alerts: Were launching text message alerts so youll always know the biggest stories shaping the days headlines. Pritzker and battery manufacturing company Gotion announced in September a $2 billion electric vehicle battery gigafactory in Manteno.We estimate Pritzkers net worth at $3.5 billiona figure attributable to his being an heir of the Hyatt Hotel fortune and his private equity firm Pritzker Group.Rivians Illinois plant will also host the production of its R2 and R3 models, vehicles with 300 miles of range that were initially slated to be produced in Georgia ahead of their 2026 deliveries.
Funding
Review available funding amount, funding date, investors, and linked company information related to Rivian Announces $827 Million From Illinois For Plant Expansion — Triggering Share Jump in the interactive ISVWorld profile.