Rivian Automotive (NASDAQ:RIVN) announced its intention to raise approximately $15 billion in debt to facilitate the construction of a state-of-the-art electric vehicle manufacturing plant in Georgia. The company, known for its innovative electric SUVs, disclosed this ambitious plan on Monday.
The issuance of taxable bonds, slated for the development of the manufacturing facility, will be orchestrated by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton, and Walton Counties. This information was outlined in a securities filing on November 9, with Rivian committing to acquiring the bonds as they become available.
As part of the agreement, Rivian has committed to making a minimum of nearly $300 million in property tax payments up to the year 2047. The commitment also stipulates that these payments may escalate should the automaker surpass its projected $5 billion investment.
This development aligns with Rivian’s previously stated plans in 2021, where the company expressed its intent to establish a manufacturing presence in Georgia, with a target commissioning date set for 2024. The forthcoming plant is anticipated to be a significant economic driver, providing employment opportunities for over 7,500 individuals and contributing to the production of an estimated 400,000 vehicles annually.
Rivian’s expansion initiative reflects the growing momentum of the electric vehicle industry, positioning the company as a key player in the evolving landscape of sustainable transportation.
