Stock Groups

Rivian to Build $5bn Battery and Assembly Plant, AP Reports  -Breaking

by Mike Robinson

[ad_1]

© Reuters

Sam Boughedda

Investing.com — Rivian Automobile Inc (NASDAQ:)The $5 billion plant will be located east of Atlanta and produce electric trucks. Associated Press reported Wednesday.

The report cites sources who were briefed about the decision and says that the battery-and-assembly plant will employ approximately 7,500 workers Up to 10,000 employees. The facility would become one of America’s most important auto-manufacturing facilities.

Rivian, an electric vehicle startup, is located in Irvine, California. It currently operates one plant in Illinois. The company announced plans to invest $5B in another plant.

It was revealed that Rivian turned down the chance to construct the Fort Worth plant, Texas. This despite the fact that the City Council approved a $440million incentive package in August to try to lure Rivian onto a property of 2,000 acres.

It is anticipated that the official announcement will be made on Thursday. Rivian shares were closed on Wednesday, down by 1.83%

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]