Rivian reportedly plans to invest $5 billion in its second US assembly plant

by Jeremy

Last week, news leaked that Rivian was planning to build a second U.S. manufacturing plant for its electric vehicles and batteries, and now more details have leaked out. According to Reuters, the company plans to invest $5 billion initially in the second plant, dubbed Project Tera, with construction slated to start in the fall of 2021. The aim is to begin production by the second quarter of 2023.

The second plant will reportedly include a 50 gigawatt-hour (GWh) battery cell production operation and a product and technology center. According to Reuters ‘ sources, there’s no word on where it’ll be built, but the company is reportedly looking at land east of Mesa, Arizona, near Gold Canyon. Rivian Chief Executive R.J. Scaringe has allegedly spoken with Arizona Governor Doug Ducey about the project.

Rivian previously acknowledged that it’s looking to expand. “The company has recognized that the current capacity will not fully meet future production and product plans at Rivian’s Normal, Illinois facility,” it said in the document seen by Reuters.  The plant would supposedly support around 10,000 jobs, though many of those could come indirectly. However, the investment and job figures would be impressive for a startup that has not produced a single vehicle. Rivian is backed by Ford, Amazon, and other companies and could reportedly soar to a $50 billion value in a possible public listing later this year, according to Reuters’ previous story.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Related Posts

Leave a Comment