{"id":1464859,"date":"2022-05-05T10:29:36","date_gmt":"2022-05-05T14:29:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1464859"},"modified":"2022-05-05T10:29:42","modified_gmt":"2022-05-05T14:29:42","slug":"beleaguered-electric-pickup-maker-rivian-lands-1-5b-subsidy-in-georgia","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/beleaguered-electric-pickup-maker-rivian-lands-1-5b-subsidy-in-georgia\/","title":{"rendered":"Beleaguered Electric Pickup Maker Rivian Lands $1.5B Subsidy In Georgia"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbeleaguered-electric-pickup-maker-rivian-lands-1-5b-subsidy-in-georgia%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1464859&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/05\/Screen-Shot-2022-05-05-at-8.44.29-AM.png?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>An <a href=\"https:\/\/www.dailywire.com\/topic\/electric-cars\">electric vehicle maker<\/a> that rocked the market with a 2022 battery-powered pickup truck, but then struggled to meet demand, is getting $1.5 billion in incentives to build a new plant in <a href=\"https:\/\/www.dailywire.com\/topic\/georgia\">Georgia<\/a>.<\/p>\n<p>Rivian Automotive, founded more than a decade ago by an MIT grad who envisioned supplying America\u2019s insatiable appetite for trucks with electric models, was once expected to take on Elon Musk\u2019s Tesla. But the Irvine, California, based company has hemorrhaged money \u2013 and market capitalization \u2013 since going public last November. The announcement was rare good news for Rivian, which is backed by investors including a Saudi billionaire, Amazon, BlackRock, Vanguard and Ford.<\/p>\n<p>\u201cThe Georgia plant is expected to operate at a capacity of 400,000 vehicles per year. The plant will produce Rivian\u2019s R2 vehicle, a smaller and lower-cost addition to our product lineup, as well as other future product lines,\u201d a Rivian spokesperson told Newsweek.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">How Rivian\u2019s CEO became the anti-Elon <a href=\"https:\/\/t.co\/DaGb1IxG9O\">https:\/\/t.co\/DaGb1IxG9O<\/a><\/p>\n<p>\u2014 PJ&#8217;s Glass Replacement (@pjsgReplacement) <a href=\"https:\/\/twitter.com\/pjsgReplacement\/status\/1522064550610186240?ref_src=twsrc%5Etfw\">May 5, 2022<\/a><\/p>\n<\/blockquote>\n<p>Rivian was founded in 2009 by R.J. Scaringe, who bought a shuttered Mitsubishi plant and announced plans to make electric coupes. Two years later, Scaringe switched to trucks, generating a buzz and leading other automakers to follow suit. The company was a darling of the tech world when it launched an initial public offering last November. But since then, despite its ballyhooed rollout of the 2022 R1T electric pickup, it has struggled mightily.<\/p>\n<p>Still, Scaringe has fans. A mostly glowing recent profile in Financial Times titled, \u201c<a href=\"https:\/\/www.ft.com\/content\/1cab9637-5135-4da8-b0af-a0b56bab84a5?utm_source=dlvr.it&#038;utm_medium=twitter\">How Rivian\u2019s CEO became the anti-Elon<\/a>,\u201d described the 39-year-old as \u201ctall and athletic,\u201d and resembling\u00a0\u201cClark Kent in appearance and manner, down to the boxy eyeglasses and the slicked-back, jet-black hair.\u201d<\/p>\n<p>\u201cHe also does the occasional Superman impression, which doesn\u2019t surprise admirers of what he has accomplished since he started Rivian in 2009,\u201d the article fawns.<\/p>\n<p>The first Rivian R1T model, priced at $67,000, came off the assembly line with great fanfare in Rivian\u2019s flagship plant last September. But in March, the company\u00a0blamed supply chain issues when it said it would only be able to make 25,000 vehicles this year, despite orders for more than three times that number.<\/p>\n<p>Rivian\u2019s stock, which hit a peak of $172 last November following the IPO, is now at just $33 per share. The plunge cost big investors Amazon and Ford billions of dollars and dragged down their own share prices.<\/p>\n<p>Meanwhile, Tesla has announced its \u201c<a href=\"https:\/\/www.tesla.com\/cybertruck\">Cybertruck<\/a>,\u201d which is expected to roll out in 2023.<\/p>\n<p>The Georgia deal includes roughly $800 million in subsidies from the Peach State\u2019s Department of Economic Development and the rest from four counties that will host the plant near Atlanta, Bloomberg reported. Rivian expects to create 7,500 jobs in Georgia over the next five years. The total cost of the plant is estimated at $5 billion.<\/p>\n<p>Local residents have mixed views about the project.\u00a0A <a class=\"multivariate\" href=\"https:\/\/www.newsweek.com\/topic\/facebook\" data-sys=\"1\">Facebook<\/a> group called \u201c<a href=\"https:\/\/www.facebook.com\/groups\/652850419050575\" target=\"_blank\" rel=\"noopener nofollow\">Our Communities Oppose Rivian Assembly Plant<\/a>\u201d boasts 3,200 members, and opposes it due to traffic and environmental concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An electric vehicle maker that rocked the market with a 2022 battery-powered pickup truck, but then struggled to meet demand, is getting $1.5 billion in incentives to build a new<\/p>\n","protected":false},"author":729,"featured_media":1481700,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1464859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1464859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/729"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1464859"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1464859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1481700"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1464859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1464859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1464859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}