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Rivian ($RIVN) Secures $827M in State Funding to Expand Illinois Manufacturing Plant

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Content provided by Green Stock News. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Green Stock News or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Rivian Automotive (NASDAQ: RIVN), a leading electric vehicle manufacturer, has secured an $827M incentive package from the State of Illinois Department of Commerce & Economic Opportunity. This funding will facilitate the expansion of Rivian's Normal, IL plant, focusing on plant expansion, infrastructure enhancements, and workforce development initiatives.

In March, the facility announced the commencement of production for its highly anticipated midsize SUV. The R2 will offer a blend of performance, capability, and utility tailored for both adventurous trips and everyday use, underpinned by a versatile platform. Additionally, the existing plant will continue producing R1S, R1T, and commercial electric delivery vehicles, with facility updates set to begin soon.

RJ Scaringe, Rivian Founder and Chief Executive Officer stated: “The support from the state will allow us to quickly bring our midsize SUV, R2, to market and provide even greater consumer choice for EVs.”

Rivian is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories.

Shares of Rivian Automotive trade on the NASDAQ under the ticker symbol RIVN. For more information, or to sign up for our free daily newsletter, visit www.greenstocknews.com

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488 episodes

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Manage episode 416232745 series 3366344
Content provided by Green Stock News. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Green Stock News or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Rivian Automotive (NASDAQ: RIVN), a leading electric vehicle manufacturer, has secured an $827M incentive package from the State of Illinois Department of Commerce & Economic Opportunity. This funding will facilitate the expansion of Rivian's Normal, IL plant, focusing on plant expansion, infrastructure enhancements, and workforce development initiatives.

In March, the facility announced the commencement of production for its highly anticipated midsize SUV. The R2 will offer a blend of performance, capability, and utility tailored for both adventurous trips and everyday use, underpinned by a versatile platform. Additionally, the existing plant will continue producing R1S, R1T, and commercial electric delivery vehicles, with facility updates set to begin soon.

RJ Scaringe, Rivian Founder and Chief Executive Officer stated: “The support from the state will allow us to quickly bring our midsize SUV, R2, to market and provide even greater consumer choice for EVs.”

Rivian is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories.

Shares of Rivian Automotive trade on the NASDAQ under the ticker symbol RIVN. For more information, or to sign up for our free daily newsletter, visit www.greenstocknews.com

  continue reading

488 episodes

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