© Reuters. The Rivian name and logo are shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS/Mike Blake
(Reuters) – (This Nov. 13 story has been corrected throughout to remove the reference to Rivian (NASDAQ:)’s plans to raise nearly $15 bln in debt for an EV plant in Georgia and instead to say that the company has signed an agreement with the state that will allow it to start building a planned EV factory)
Rivian Automotive said in a filing on Monday it signed agreements with the state of Georgia that will allow it to start building a planned electric-vehicle factory.
The agreement provides for Rivian to rent land, and machinery to operate the plant, for which the company will pay about $300 million in property tax payments.
Rivian first announced its $5 billion EV factory just outside of Atlanta, Georgia in late 2021. Those lease payments to Georgia could increase if the investment Rivian committed to increases beyond $5 billion. The agreement is set to expire Dec. 1, 2047.
The new plant will employ more than 7,500 people and eventually build 400,000 vehicles a year.
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