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Benzinga
  • 2 years ago
Rivian will invest $1.5 billion to expand its Normal, Illinois factory and add over 550 jobs to produce its new electric SUV. The expansion is backed by over $800 million in state incentives from Illinois' REV program over 30 years if targets are met. Rivian received over 68,000 pre-orders for the R2 in its first 24 hours on sale online. Producing the R2 in Normal will expedite its launch and save over $2 billion versus building a new plant in Georgia. The R2 is expected to start production in 2026 at the expanded 4 million sqft Normal factory alongside the R1 vehicles.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02Rivian will invest $1.5 billion to expand its normal Illinois factory and add over
00:07550 jobs to produce its new electric SUV. The expansion is backed by over $800 million in
00:13state incentives from Illinois' REV program over 30 years if targets are met. Rivian received over
00:1968,000 pre-orders for the R2 in its first 24 hours on sale online. Producing the R2 in normal will
00:26expedite its launch and save over $2 billion versus building a new plant in Georgia. The R2
00:31is expected to start production in 2026 at the expanded 4 million square foot normal factory
00:36alongside the R1 vehicles. For all things money visit Benzinga.com
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