Sam Boughedda

Investing.com — Electric vehicle company Rivian Automotive Inc (NASDAQ: ) received $1.5 billion in local and state incentives Monday for the construction of a plant close to Atlanta.

The state’s Department of Economic Development posted Monday documents that Rivian would invest $5B in Georgia to create a campus with a low carbon footprint, located near Atlanta’s I-20.

This incentive package, which is believed to be the most comprehensive in Georgia’s history, includes tax credits, discount, and other subsidies like site preparation or job training support.

Technology centers will be part of the 7,500-job project. They will support research and development. When manufacturing operations can be ramped up the plant will be able to produce as high as 400,000 vehicles annually.

Construction of the plant will start in this summer and production is anticipated for 2024.

Rivian is hoping that the plant can boost its production despite supply chain pressures which are restricting it at present.

Rivian stocks initially rose on Tuesday morning trading, but are now flat.