Rivian Snags $1.5B in Tax Incentives for New Georgia Factory
The electric vehicle maker plans to have the $5 billion factory up and running by 2024.
This seems optimistic, but why not dare to dream?
Ahh, tax incentives. They've been greasing the wheels of industry for eons, and they serve as probably the best (legal) means of enticing a company to bring its business to a specific municipality. Remember the whole circus leading up to Tesla choosing Austin for its new factory? Rivian announced Monday that its new factory that we already knew would be built in Georgia will be getting built with a boatload of tax incentives.
We've known about Rivian's plans to build a great big technological marvel of a factory for its next generation of vehicles for a while now, and we knew that the EV startup was looking to spend around $5 billion on the facility. Now we know that the state of Georgia is offering Rivian $1.5 billion in tax incentives to build the factory there. But, as always, there are strings.
Rivian has to do a few things above and beyond simply building a factory to reap the benefits of those tax credits. It has committed to creating 7,500 new jobs by 2028, but these can't be just any jobs. These will have an average salary of $56,000 per year plus benefits.
Rivian plans to begin construction of the new Georgia factory this summer, with the goal of having it online and producing both R1Ts and Amazon delivery vans by 2024.
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