Rivian produced over 7,000 electric vehicles in the last three months and is on track to produce 25,000 by the end of the year. The company is continuing to rise above its early stumbles as it seeks to dominate the EV market with its beautifully designed emissions-free trucks and SUVs.
On the heels of a less than positive update about the buzzy EV startup's plans to build a $5 billion factory in Georgia, the positive production report came on the heels of a less than positive update about the buzzy EV startup's plans to build a $5 billion factory in Georgia A judge ruled last week that the state's economic development authority didn't justify the use of taxpayer-funded money to subsidize the project.
A judge stopped the tax subsidy plan.
The buzzy EV company claimed that it would cost $5 billion to build and produce 400,000 electric vehicles a year, and that it would employ upwards of 7,500 workers, but the state of Georgia offered Rivian 1.5 billion in tax incentives. Georgia officials said it was the largest economic development deal they had ever done.
The plan is in jeopardy after a judge ruled that the state didn't prove that the factory was feasible. Rivian's factory shouldn't be exempt from local property taxes according to a group of local residents.
Normally a request by a local government for the validation of a bond agreement is a surprise. Over the past year, Rivian's plan to build a factory in Georgia has been a lightening rod in the state, with opponents holding rallies, dabbling in conspiracy theories, and even threatening local officials.
Rivian didn't comment on the judge's ruling. The group is looking at its legal options, according to a spokesman for the council.
The Georgia Department of Economic Development is disappointed and disagrees with the decision of Judge Trammell. We are assessing all legal options to bring high-paying American manufacturing jobs to Georgia.
We disagree with the decision of the judge.
The Rivian deal has become a focal point in Georgia, where a number of important political races this year could determine the party that controls Congress. Kemp made the Rivian deal a key point in his reelection campaign.
Rivian wants to become a major player in the auto industry during its shift to electric power. In the third quarter of this year, the company produced 7,363 vehicles at its Illinois factory, of which 6,584 were delivered to customers. The electric delivery van that is being built for Amazon is not broken down by the company. The R1S SUV's deliveries were delayed.
All Rights Reserved © 2024
