After raising $13.7 billion from a public offering back in November, electric vehicle startup Rivian is looking forward to its second factory.
On that note, the company just revealed that it has established a new plant which is going to be located in the state of Georgia. With an annual capacity of 400,000 vehicles, the new factory will double the capacity of the one located in Normal, Illinois. For the new facility, Rivian will employ more than 7,500 employees. The company will pay for it with proceeds from its recent November 10th IPO.
“We’re happy to partner with Georgia on our new manufacturing site, which will build our next generation of products that are important for scaling our business. Our work together is driven by a compelling purpose and rooted in building a highly collaborative environment that creates a true sense of belonging. We’re excited for Georgians to bring their creativity and ideas to Rivian. We’re confident that, alongside Illinois, Georgia is the place for Rivian to continue to scale and thrive,” said Rivian Chief People Officer Helen Russell.
The company didn’t mention what vehicles would be built at the factory, but back in 2019, the company’s CEO said they are looking forward to having up to six vehicles by 2025.
Rivian is committed to investing $5 billion for the new factory situated just an hour east of Atlanta. Construction will start in mid-2022 and, according to the company first vehicles should be in production in 2024.
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