Rivian to Raise $15B for Georgia Plant Construction

New Plant to Manufacture Next-Gen, Affordable R2 EVs

Rivian Automotive plans to raise $15 billion in debt to fund the construction of an electric vehicle manufacturing plant in Georgia.
The company has entered into three separate agreements with the Joint Development Authority of Jasper County, Morgan County, Newton County, and Walton County.
The company has agreed to pay a minimum of approximately $300 million in property tax payments through 2047.
The new plant is expected to employ more than 7,500 people and eventually build 400,000 vehicles a year.
The Georgia plant is earmarked to manufacture Rivian's next-gen, affordable R2 EVs based on a new platform.