Rivian secures $1.5 billion in incentives for its upcoming Georgia EV factory

Rivian announced today that it secured the incentive packaged, expected to be worth up to $1.5 billion if fully realized, for its upcoming electric vehicle factory in Georgia.

In December, not long after it started production of its first electric vehicles at its Illinois factory, Rivian announced a new $5 billion electric vehicle factory in Georgia.

Rivian managed to negotiate an impressive incentive package with the state. It is valued at $1.5 billion if the investment from the company is fully completed within a 25-year “claw back period” that includes Rivian investing $5 billion.

Today, all the authorities involved announced that the deal has been made official:

The Georgia Department of Economic Development (GDEcD), in partnership with the Joint Development Authority (JDA) of Jasper County, Morgan County, Newton County, and Walton County, announced that the Economic Development Agreement has been signed by the JDA, the State of Georgia, and Rivian to move forward on the company’s $5 billion Georgia project, which will create 7,500 jobs with an average wage of $56,000 at Stanton Springs North. Rivian also released an updated site rendering and site plan for their carbon-conscious campus off I-20, east of Atlanta. The JDA approved the agreement at a meeting on April 26.

Here are the main bullet points of the deal:

Pat Wilson, Georgia Department of Economic Development Commissioner, commented on the significance of the deal:

Rivian is a historic win for Georgia, not only putting our great state at the forefront of the electric vehicle revolution, but also a significant win for the four-county JDA. We are thrilled to be able to now share more of the incredible benefits this project is bringing to the region and couldn’t be prouder of the positive effects this project will have on families, schools, and communities. Rivian will not only employ thousands of Georgians with well-paying jobs of the future, but they will be a welcome new addition to Georgia’s business community.”

The incentive package will keep the project on schedule. Rivian originally planned to start construction in the summer of 2022 in order to start production in 2024.

Rivian has yet to confirm which vehicles are going to be produced at the new plant, which is going to be massive. Previous plans revealed 20 million square feet of buildings, a test track, and an adventure trail.