NEWS

Rivian Secures $827 Million Funding Boost to Expand Illinois Plant for R2 Production

The Incentive Package Will Create Over 550 New Jobs And Ramp Up Production For Rivian’s R2 From 150,000 To 215,000 Units

3 min read

By EV.com • May 3, 2024

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With the electric vehicle (EV) sector amassing incentives for its sustainability benefits, Rivian has clinched an $827 million incentive package from the State of Illinois Department of Commerce & Economic Opportunity to bolster its manufacturing operations at its plant in Normal, Illinois. The influx of funds arrives at an advantageous time for the company during a pivotal time in the EV industry. 

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The incentive package for Rivian will be funded by the company’s expansion of the Illinois plant, improving public infrastructure, and job training programs for its workforce according to Rivian. As a result, the incentive package will ultimately amplify the company’s production of its R2 model from 150,000 to 215,000 units, which will produced at its Illinois plant. 

Earlier, despite Rivian having to defer the opening of its Georgia plant with its R2 initially planned for production there, the company receiving the incentive package continually assists in streamlining its R2 for its upcoming release plans. RJ Scaringe, Founder and CEO of Rivian, expresses appreciation for Illinois’ investment in the company’s expansion efforts stating, “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.”

Furthermore, Rivian’s expansion for its Illinois plant will create over 550 new jobs as well as establish a manufacturing training academy that will educate necessary skills and apprenticeship programs for local high school students. With these beneficial endeavors from the company, the economic development in the region is set to soar to new heights. 

As a response to Rivian’s endeavors elevating the economic development in the state, Illinois Governor JB Pritzker called the partnership with Rivian a revitalization of the state’s economy stating, “Illinois is positioned to be a powerhouse in this market for years to come, bringing quality jobs and revitalizing communities across the state.”

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Notably, Rivian has invested more than $2 billion in this Illinois plant with a resulting generated value of over $3.9 billion to the local economy in three years. With the added incentive package, the company will have the capability to further elevate the state of Illinois while placing itself at the top of the EV industry. As for the R2, its production plans were pulled forward to be in the first half of 2026. Again, with the incentive package, the potential success of the R2 will be further contributed as Rivian aims to drive sustainable growth for itself and economic development for the state of Illinois. 

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