California-based Rivian (NASDAQ:RIVN) announced Monday that the electric vehicle startup has selected a construction firm to build the company’s $5B factory near Atlanta Georgia.
According to a press release, Clayco, headquartered in Chicago, plans to build a 16 million-square-foot factory on a vast 1,800-acre site spanning southern Morgan and Walton counties. This upcoming plant, anticipated to be one of Georgia's most substantial economic endeavors, aims to hire 7,500 employees as it gears up to commence electric vehicle production by 2026.
The Georgia location will be Rivian’s second factory, the first being a retrofitted Mitsubishi factory in Illinois. However, the Georgia plant will be the company’s first custom-built plant.
Rivian expects to build its next line of vehicles, a crossover known as the R2, at the Georgia factory.
“With Clayco’s dedication to developing innovative ideas and solutions, we are confident they are the right partner to ensure the Rivian plant is a shining example of sustainable manufacturing,” Said Rivian’s VP of facilities, Tony Sanger.
The project has faced several delays and was tangled in extended legal disputes regarding zoning, environmental issues, and a $1.5 billion incentive package offered by state and local authorities to attract the company to Georgia.
Rivian finalized the agreement with the state and a local development authority in November.
Shares of RIVN are up 1.09% in mid-day trading on Tuesday.