Rivian will receive a $1.5 billion incentives package to build its massive factory in Georgia, according to documents posted Monday by the state’s Department of Economic Development.
That sizable carrot — the biggest in the state’s history — comes with several commitments from Rivian, including that it will hire 7,500 people who will earn an average annual salary of $56,000 by the end of 2028. Rivian also agreed to invest $5 billion into the factory project located near Atlanta during that same timeframe.
The incentives package is comprised of a mix of tax credits and other subsidies. State and local incentives totaled $1.28 billion. An additional $198 million of site and road improvements is also part of the package.
Rivian announced in December plans to build a second factory east of Atlanta in Morgan and Walton counties that will have double the annual production capacity of its plant in Normal, Illinois. The Georgia factory, which is supposed to include co-located battery cell production facility, will have a targeted annual production capacity of 400,000 vehicles a year.
Rivian’s Normal, Illinois factory has annual production capacity of 150,000 electric vehicles and is working to expand that to 200,000.
Construction will begin in summer 2022 with production beginning in 2024. The company said in a 2021 shareholder letter that it picked the site due to the combination of sustainable business operations, talent pool, and proximity to supply chain and logistics.
Stay tuned for updates.