Saturday, July 26, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Rivian wins $827M incentive package to expand Illinois factory for R2 production

Simon Osuji by Simon Osuji
May 3, 2024
in Creator Economy
0
Rivian wins $827M incentive package to expand Illinois factory for R2 production
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Rivian is getting $827 million in incentives from the state of Illinois to support building its next-generation electric vehicle, known as the R2.

Rivian announced Thursday that the State of Illinois Department of Commerce and Economic Opportunity will dole out the funds, which will be used to expand the automaker’s existing factory in Normal, Illinois, build out supporting infrastructure and boost job training programs for its workforce. Updates to the factory will begin “in the coming months.”

The funding announcement comes just two months after Rivian unveiled the mid-size R2 SUV, which is supposed to start at around $45,000 when it goes on sale in 2026. It also plans to make and sell a hatchback called the R3 that is powered by the same EV platform that underpins the R2.

Rivian had initially planned to build the R2 at a brand new $5 billion factory in Georgia. But the company announced at the R2 event in March that it had decided instead to build the R2 in Illinois, where it currently makes the R1T pickup, the R1S SUV and its commercial electric vans.

The decision to pivot away from the Georgia plant allows the startup to move up the timeline for the R2 SUV and save more than $2 billion. Rivian has said it remains committed to building the factory in Georgia. But the company’s continued losses and struggles to scale production — it will make around the same number of EVs this year as it did last year — forced it to rethink its plans for the next-generation vehicle.

Rivian stands to receive $1.5 billion in incentives from Georgia if it ever builds a factory there. That incentives package, the biggest in the state’s history, comes with several commitments from Rivian, including that it will hire 7,500 people who will earn an average annual salary of $56,000 by the end of 2028. Under the agreement, Rivian has agreed to continued maintenance of these jobs through 2047. Rivian has to make repayments to the state and joint development authority (JDA) in any year in which it is 80% below its maintenance.

 

Source link

Related posts

AI referrals to top websites were up 357% year-over-year in June, reaching 1.13B

AI referrals to top websites were up 357% year-over-year in June, reaching 1.13B

July 25, 2025
Samsung backs a video AI startup that can analyze thousands of hours of footage

Samsung backs a video AI startup that can analyze thousands of hours of footage

July 25, 2025
Previous Post

If You Have a Pension, Smart Tax Planning Should Start Now

Next Post

Everything You Need to Know About Hybrid Cars

Next Post
Everything You Need to Know About Hybrid Cars

Everything You Need to Know About Hybrid Cars

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Msheireb Downtown Doha records exceptional Eid Al Fitr 2025 performance

Msheireb Downtown Doha records exceptional Eid Al Fitr 2025 performance

4 months ago
Unlocking the Future of Consumer Lending with AI and Automation

Unlocking the Future of Consumer Lending with AI and Automation

2 years ago
African Union’s Economic, Social, and Cultural Council (ECOSOCC) hosts training to equip Civil Society Organizations (CSOs) with advocacy tools to influence peace and security policy across Africa

African Union’s Economic, Social, and Cultural Council (ECOSOCC) hosts training to equip Civil Society Organizations (CSOs) with advocacy tools to influence peace and security policy across Africa

3 months ago
Interpol operation clamps down on illegal mining in West Africa

Interpol operation clamps down on illegal mining in West Africa

6 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Global ranking of Top 5 smartphone brands in Q3, 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.