NORMAL, Ill. (WAND) —  Electric vehicle (EV) maker Rivian will be making a $1.5 billion investment into the expansion of its Normal, Illinois plant. The company says it will add an additional 550 workers over the next five years.
On Thursday, Governor JB Pritzker, Rivian, and the Illinois Department of Commerce and Economic Opportunity (DCEO) joined local leaders and partners to announce the incentive package.
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“We are grateful for this investment from the State of Illinois and for the leadership of Governor Pritzker, President Harmon, and Speaker Welch,” said RJ Scaringe, Rivian Founder and Chief Executive Officer. “The support from the state will allow us to quickly bring our midsize SUV, R2, to market and provide even greater consumer choice for EVs."
Rivian R2 Sport Utility Vehicle
The company, which currently produces its R1 EV truck in Normal, will use the expansion to manufacture the R2 Sport Utility Vehicle. The R2 was originally supposed to be made at a $5 billion plant in Georgia. But the company announced in March it was pausing construction of the Georgia facility.
The R1 has a price tag of $70,000 or more. The smaller R2 is expected to be more affordable giving the vehicle more mass appeal to consumers.
The R2 should hit the road in 2026.
Rivian’s total 30-year incentive package from the State of Illinois is valued at $827 million, with the majority of funding derived from REV tax credits with a focus on workforce development. Through REV, Rivian is eligible to receive tax benefits totaling nearly $634 million over the next three decades.
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