EV car manufacturer Rivian announced it is planning a $5 billion US investment in a manufacturing plant in the state of Georgia.
According to the car-maker, which set a US record with a $2.5 billion venture capital funding round earlier this year, the plant will have a capacity of producing 400,000 vehicles per year and will start operations in 2024.
Rivian will also be scaling up its current plant in Normal Illinois, according to the company.
After its IPO November 10th the company’s stock rocketed upwards from $101 per share to $172 per share before falling back to $97 per share.
Rivian’s $100 billion valuation in the first weeks after its IPO raised eyebrows since the company only started production in September 2021.