Posted 3/8/2024, 1:14:00 PM
Rivian Pauses $5B Georgia Factory to Cut Costs, Focus on More Affordable Vehicles
- Rivian is delaying construction of a new $5 billion factory in Georgia to preserve cash as it works to produce more affordable vehicles
- The company had nearly completed preparing the 2,000-acre Georgia site but is now halting construction for the time being
- Rivian estimates delaying the factory will save about $2.25 billion
- The company unveiled two new SUV models, one of which will now be produced at its existing Illinois plant allowing faster delivery to customers
- Rivian says the Georgia site remains important for future growth but did not give a new timeline for restarting construction