Rivian Announces New Assembly Plant Ahead of IPO

By Staff Writer July 26, 2021 786
Debut of the R1T pickup at the 2018 Los Angeles Auto Show. Debut of the R1T pickup at the 2018 Los Angeles Auto Show. ( image: Richard Truesdell )

Michigan-based EV start-up Rivian plans to open a second U.S. auto assembly plant. Rivian has not released details of where the plant will be located and several states are apparently in a bidding war to host the new facility. In addition to electric vehicles, Rivian’s new factory will build battery cells, sources told Reuters.  

The automaker has financial backing from Amazon and Ford, with both companies investing heavily in the EV start-up. Rivian has a contract to build Amazon’s EV delivery fleet of 100,000 trucks over the next 10 years. 

As of July 2021, the company is valued at $27.6 billion. Experts are predicting Rivian will announce an IPO in the early to late fall of around $50 billion. 

Company headquarters are in Plymouth, Mich., and Irvine, Calif., with its existing assembly plant in Normal, Ill. At this point, it's anyone's guess where the new plant will pop up, and the company plans on keeping it under wraps for several more months. 

 

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Last modified on Friday, 30 July 2021 14:55