Rivian electric car to build $ 5B factory in Georgia, US | Automotive Business News
The Amazon-sponsored startup also reported its first quarter results since its appearance, indicating a third loss.
Rivian Automotive Inc, an Amazon-sponsored electric car launcher, announced on Thursday that it would build a $ 5bn factory in the U.S. state of Georgia, its second convener in the United States, as it seeks to expand production.
In his first public statement since his release last month, Rivian also claimed that the third installment had been lost. Rivian shares were down about 4 percent on short-term sales.
The new plant will accommodate more than 7,500 people, expected to open in 2024 and will eventually build 400,000 cars a year, mainly to confirm plans already outlined in documents sent to other countries.
With a market value of about $ 93bn, Rivian made the Nasdaq first appearance of the Nasdaq group last month at the world’s largest offering of 2021. Rivian raised about $ 14bn in IPO to support future growth above $ 10.5bn which he secretly raised from this. investors such as Amazon.com Inc and Ford Motor Co. Amazon owns 20 percent of Rivian and Ford owns about 12 percent.
The company from Irvine, California has suffered from the launch of its R1T, R1S SUV and van delivery truck to Amazon as an online obstacle, including a lack of chip, affecting car manufacturers around the world. The launch began in September with an SUV in December.
During the coronavirus epidemic, chip shortages forced car manufacturers to reduce their production capacity and car prices skyrocketed. Companies are now only looking to protect operations from the spread of the Omicron type of coronavirus.
Rivian, other startups and automakers are rushing to take over the leadership of EV Tesla Inc as pressure grows in regions along with China and Europe to curb car production.
The Rivian plant in Georgia will be connected to the one in Normal, Illinois, US. The company wants to open seeds in Europe and China. Chief Executive RJ Scaringe has previously stated that Rivian wants to make at least one million cars a year by the end of the decade.
The Illinois plant currently has 150,000 cars a year and Rivian has said it wants to increase it to 200,000 by 2023 as it adds new cars. Scaringe said the company sold its R1 in 2023.
