Rivian Halts $5 Billion Electric Truck Plant Construction, Unveils Affordable EV Models
TL;DR Summary
Rivian Automotive pauses construction of its $5 billion electric truck plant in Georgia to prioritize production and save money, opting to start building its new R2 midsize SUVs at its existing plant in Illinois instead. The move is expected to get the R2 to market more quickly and save $2.25 billion in capital spending. The company's share price jumped after announcing new models, but it still faces challenges in meeting production targets and justifying the Georgia plant's construction amid legal opposition and concerns about drainage issues on the site.
- Automaker Rivian pauses construction of its $5 billion electric truck plant in Georgia The Associated Press
- Rivian surprises with R3 and R3X electric SUVs The Verge
- $45K micro-camp-ready Rivian R2 and cheaper R3 bite into e-SUV market New Atlas
- Rivian Unveils Compact, Affordable EV Models, Accelerates Delivery Timelines The Times of India
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