Rivian Automotive Inc., the electrical truck startup valued at greater than $100 billion, is planning to announce that it’ll construct a vehicle-assembly and battery plant in Georgia, in response to folks conversant in the matter.
The Irvine, California-based automaker, which had additionally thought-about competing websites in Texas and Arizona, is anticipated to disclose the plans at an occasion Thursday, in response to the folks, who requested to not be recognized discussing the knowledge earlier than it is public. Whereas Georgia has been chosen provisionally, no settlement has but been signed, a number of the folks mentioned.
A Rivian consultant declined to remark.
The corporate launched its first mannequin in September, the plug-in R1T pickup. Rivian will roll out an electrical SUV, the R1S, from its manufacturing facility in Regular, Illinois, by year-end. It additionally has an order to supply 100,000 battery-powered supply vans for Amazon.com Inc., the EV maker’s largest investor with a 20 p.c stake.
Rivian shares had been little modified in postmarket buying and selling in New York.
The startup, which went public Nov. 10, already has a better market worth than Common Motors despite the fact that it reported manufacturing of fewer than 400 autos as of Oct. 31 — “practically all” of which had been delivered to staff. Rivian will report quarterly earnings on Thursday for the primary time since going public.
A transfer to Georgia could be a coup for the Peach State, which has been handed over by a number of Asian and Europe automakers, and has just one car meeting manufacturing facility, a Kia Motors plant in West Level, close to the Alabama border. South Korean battery maker SK Innovation constructed a $2.6 billion manufacturing facility in Jackson County, Georgia, to make energy sources for electrical autos, together with Ford’s F-150 Lightning pickup occurring sale subsequent spring.
The Atlanta Journal-Structure earlier reported Rivian’s plans to construct a manufacturing facility in Georgia.