Rivian Gets $827M for Illinois Expansion, to Add 550+ Jobs for R2 Lineup

May 2, 2024, 07:04 PM

Rivian Automotive has secured $827 million in funding from the State of Illinois to expand its Normal, Illinois facility for its R2 lineup. The funding, part of an incentive package, will support the expansion and operations at Rivian's electric vehicle plant. This development comes after Rivian halted work on a separate facility in Georgia. The company plans to invest $1.5 billion in the expansion, which is expected to create over 550 jobs and focus on the production of a new small crossover vehicle. The incentives are structured as tax benefits spread over 30 years, amounting to approximately $25 million in tax breaks annually. Rivian's shares were up 6.9% following the announcement.