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Rivian receives $827 mln in incentives to expand Illinois facility, shares jump
By Reuters
May 2, 2024
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Rivian receives $827 mln in incentives to expand Illinois facility, shares jump
By Reuters
May 2, 20249:31 PM GMT+2Updated 3 hours ago
Rivian Automotive Inc facility in California
An electric pick-up truck is pictured at the Rivian Automotive Inc facility in Costa Mesa, California, U.S.,November 1, 2023. REUTERS/Mike Blake/File Photo Purchase Licensing Rights, opens new tab
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May 2 (Reuters) - Rivian Automotive (RIVN.O), opens new tab said on Thursday it has received $827 million in an incentive package from the State of Illinois to expand operations at its Normal facility.
The Irvine, California-based company's shares rose nearly 10% in afternoon trade after having lost more than 60% of their value this year, as of Wednesday's close.
The Illinois plant, where Rivian also makes its electric delivery vans for its largest investor, Amazon.com (AMZN.O), opens new tab, can produce 150,000 vehicles a year, the company said.
https://www.reuters.com/business/autos-transportation/rivian-receives-827-mln-incentive-package-expand-illinois-facility-2024-05-02/
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