Rivian Automotive (NASDAQ: RIVN) stock surged about 7% in intraday trading after the company secured an incentive package worth $827 million to expand its facility in Illinois.
Rivian Automotive (NASDAQ: RIVN) recently announced that it secured an $827 million incentive package from the State of Illinois Department of Commerce & Economic Opportunity. This funding will support the expansion of operations at Rivian’s plant in Normal, IL.
The company said it will allocate the funds from this incentive package towards various initiatives, including plant expansion, improvements in public infrastructure, and job training programs for Rivian’s workforce.
RJ Scaringe, Rivian CEO, expressed gratitude for the investment from the State of Illinois and praised the leadership of Governor Pritzker, President Harmon, and Speaker Welch. Scaringe emphasized that this support from the state will expedite the launch of Rivian’s midsize SUV, the R2, into the market, thereby broadening consumer choices for electric vehicles (EVs).
He further acknowledged Governor Pritzker’s commitment to fostering economic opportunities for Illinois residents and businesses, saying,
“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.”
In March, Rivian announced its plans to commence R2 production at the Normal plant, which currently serves as the manufacturing hub for the R1S, R1T, and commercial electric delivery vehicles. The company designed R2 to offer a versatile blend of performance and utility, catering to adventure enthusiasts and everyday users.
Since the initiation of production in 2021, Rivian’s Normal facility has churned out over 100,000 electric vehicles. The company has previously injected over $2 billion into Normal, enriching the local economy by more than $3.9 billion and catalyzing additional regional development.
Rivian Automotive (NASDAQ: RIVN) Stock Movement
RIVN stock jumped 6.73% to close at $9.83 on Thursday. Its value has risen by 15.38% this week. Trading activity has witnessed 54,894,032 (54.89 million) shares changing hands, well above the average daily volume of 45.92 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
