Rivian to Receive $827M in Illinois State Funding to Expand Normal, IL Facility
Company intends to increase capacity of plant to manufacture R2, its midsized SUV
NORMAL, Ill., May 02, 2024--(BUSINESS WIRE)--Rivian Automotive, Inc. (NASDAQ: RIVN) announced today it has received an $827M incentive package from the State of Illinois Department of Commerce & Economic Opportunity, which will allow the company to expand operations at its plant in Normal, IL. The funds from the incentive package will go towards expansion of the plant, improvements in public infrastructure and job training programs for Rivian’s workforce, leading up to the company’s production of its midsized SUV, R2. Rivian will be participating in several city improvement projects to demonstrate its ongoing commitment to investing in the Illinois economy and community.
"We are grateful for this investment from the State of Illinois and for the leadership of Governor Pritzker, President Harmon, and Speaker Welch," said RJ Scaringe, Rivian Founder and Chief Executive Officer. "The support from the state will allow us to quickly bring our midsize SUV, R2, to market and provide even greater consumer choice for EVs. Governor Pritzker has always been a strong advocate for providing economic opportunities for Illinois residents and business owners alike. We look forward to continuing our close partnership and building upon the success we have enjoyed."
"Illinois is positioned to be a powerhouse in this market for years to come, bringing quality jobs and revitalizing communities across the state," said Governor JB Pritzker. "I want to thank our partners at Rivian, who have doubled down on their investment in Illinois. Together, we’re taking a tremendous step forward – for our electric vehicle ecosystem, for our economy, and for our state. Each and every dollar invested in this market is a win for the working people of Illinois and brings us a step closer to meeting our ambitious climate goals."
The company announced in March that production of R2, the company’s much-anticipated midsize SUV, will begin production in the Normal, IL manufacturing facility. This new vehicle will deliver a combination of performance, capability and utility in a five-seat package optimized for big adventures and everyday use. The platform will underpin R2 vehicles. The existing plant in Normal will continue to produce R1S, R1T, and commercial electric delivery vehicles, and updates to the facility will begin in the coming months.
Rivian has invested more than $2 billion in Normal. In just three years, Rivian has also generated a value add of over $3.9 billion to the local economy, which has brought increased development to the area.