The newly-public Rivian Automotive, Inc.
The newly-public Rivian Automotive, Inc. (NASDAQ:RIVN), which is now more valued than legacy automakers such as Ford Motor Company (NYSE:F) and General Motors Corporation (NYSE:GM), is planning to expand its manufacturing footprint.
What Happened: Rivian will announce plans to set up a vehicle-assembly and battery manufacturing plant in Georgia as early as Thursday, when it is scheduled to report its first-quarterly results as a public company, Bloomberg reports, citing people familiar with the matter.
Benzinga's email to Rivian regarding the speculation went unanswered.
Incidentally, the company was considering sites in Texas and Arizona as well.
In mid-August, reports suggested that Rivian is in advanced talks to invest $5 billion to build a plant near Fort Worth, Texas.
Then in November, the Atlanta-Journal Constitution reported that Rivian may be shifting its focus to Georgia for the new plant.
Why It's Important: Rivian currently has a plant in Normal, Illinois. As of Oct. 30, the company produced 180 R1Ts and delivered 156 R1Ts, with the bulk of it going to the company's employees.
As of Oct. 31, the company had over 55,000 preorders for both R1T and R1S EVs. An additional plant will give the company expanded capacity to meet demand. Given that Georgia has very limited auto manufacturing presence, the company could have unhindered access to resources.
Rivian closed Friday's session down 0.64% at $114.66.