By Sam Boughedda
Investing.com -- Electric vehicle company Rivian Automotive Inc (NASDAQ:RIVN) will receive $1.5 billion in state and local incentives for a plant near Atlanta, it was revealed Monday.
According to documents posted on Monday by the state's Department of Economic Development, Rivian will invest $5 billion in a carbon-conscious campus in Georgia, near the I-20 corridor east of Atlanta.
The incentive package is reportedly the largest in Georgia history and includes tax credits, discounts, and subsidies such as site preparation and job training support.
The 7,500 job project will include technology centers to support research and development. Once manufacturing operations are ramped up, the facility will have the ability to produce up to 400,000 vehicles per year.
Construction on the plant is set to begin this summer, with production anticipated in 2024.
Rivian will be hoping the plant can help it boost production with supply chain pressures hindering its current capacity.
Rivian stock initially rose in early Tuesday trading but is now flat.