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Rivian Shelves New Georgia Factory In Latest Cost-Cutting Measures
Hoodat:
Rivian Shelves New Georgia Factory In Latest Cost-Cutting Measures
TYLER DURDEN | MAR 08, 2024 - 08:00 PM
Two weeks after Rivian Automotive Inc. announced a disappointing production forecast and another round of job cuts, the company's CEO revealed that the construction of a $5 billion factory in Georgia would be put on hold to reduce costs.
CEO RJ Scaringe unveiled a crossover EV called the R3. The new model will be priced lower than the R2 to increase affordability and boost sales.
Scaringe also surprised investors by announcing its new factory at the Georgia site east of Atlanta would be shelved.
"Rivian's Georgia plant remains an extremely important part of its strategy to scale production of R2 and R3. The timing for resuming construction is expected to be later to focus its teams on the capital-efficient launch of R2 in Normal, Illinois," the filing said. . .
https://www.zerohedge.com/technology/rivian-shelves-new-georgia-factory-latest-cost-cutting-measures
Hoodat:
Now here's the rest of the story. Remember back when Covid first hit, and dumb-ass Brian Kemp decided to join all the Dem governors by shutting down the State? Well the reason he did so was because of Rivian. Kemp was wooing Rivian to open shop in Georgia. And when Covid hit, they threatened to pull out of the deal if Kemp chose to keep Georgia open. So Kemp bowed down to Rivian and shut down all the schools, restaurants, etc.
And now Rivian is pulling out anyway, even after all the tax credits and infrastructure improvements they were promised? Brian Kemp sold out, and in turn sold out the people of Georgia.
mountaineer:
:facepalm2:
Kamaji:
Anyone with at least half a brain not see this coming?
Timber Rattler:
https://www.thecentersquare.com/georgia/article_2d9cce90-dd86-11ee-8a52-8367310be90e.html
--- Quote ---While Rivian Automotive paused its $5 billion plant in Georgia, state officials declined to say how — or if — they might attempt to claw back massive taxpayer-backed incentives they offered the company.
In December 2021, state officials announced that Rivian planned to build a manufacturing facility in Georgia — its second U.S. plant. Georgia gave $1.5 billion in incentives and the deal was so significant that state leaders and economic development officials hosted a "Rivian Day" at the state capitol last year.
"Rivian Day is just the latest example of both our strong partnership with this innovative company and the fact that Georgia is fast becoming the EV capital of the nation," Republican Georgia Gov. Brian Kemp said in a statement at the time.
While the governor was quick to tout the partnership a year ago, on Friday, Kemp's office declined to comment on Rivian's decision, referring all inquiries to the Georgia Department of Economic Development.
--- End quote ---
EXCERPT
The company's going under, which is no surprise, so Georgia taxpayers are left holding the bag thanks to Governor Kemp (R) and associates.
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