• Rivian, a developer of battery-electric vehicles including SUVs, pickup trucks, and delivery vans, has received a USD 1.5 billion incentive package in state and local incentives and tax credits for its new vehicle assembly facility in Atlanta, Georgia.

• The package includes USD 83 million worth 1,900+ acres in land, an investment in USD 26.7 million worth rough-graded 500-acre pad, USD 2.77 million survey, design, and permissions for all site development costs, USD 50+ million contingencies for road work, etc.

• Rivian will pump in USD 5 billion for the plant, which is expected to be operational by 2024, generating around 7,500 direct jobs by 2028. Construction of the facility is expected to commence during the summer (June–September).

<ul><li> Analyst QuickTake: Rivian currently operates a manufacturing plant in Normal, Illinois and announced setting up the other in Atlanta last December. Today’s news comes just two months after Rivian halved its production targets to 25,000 vehicles this year, citing supply chain constraints. We believe the company will be able to tackle these issues with the setting up of the new plant given the location’s proximity to the supply chain and logistics—as pointed out by the company.</ul>