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Rivian Secures $827M from Illinois for Facility Expansion, Stock Rises 7.5%

May 2, 2024, 06:37 PM

Rivian Automotive has secured an $827 million incentive package from the State of Illinois to expand its Normal, Illinois facility. This funding is part of a broader initiative by Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity, which also includes a $30 million investment to revitalize commercial corridors and spur economic development across the state. Rivian's expansion involves a $1.5 billion investment in the facility, aimed at enhancing its manufacturing capabilities. Following the announcement, Rivian's stock rose by 7.5%.