Rivian (NASDAQ:RIVN) stock is charging higher on Thursday after the electric vehicle (EV) company revealed plans for a new manufacturing facility.
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Rivian said it plans to open a campus in Georgia for its new facility. This new location will be built east of Atlanta, which will have it sitting in both Morgan and Walton Counties. The campus will take up a 2,000-acre plot of land and will include plenty of natural space.
According to Rivian, this new location represents a $5-billion site development and manufacturing investment. It will also result in the employment of 7,500 workers. Construction is set to start this summer with RIVN expecting production at the location to start in 2024.
Helen Russell, CPO at Rivian, said the following about the news.
“Our work together is driven by a compelling purpose and rooted in building a highly collaborative environment that creates a true sense of belonging. We’re excited for Georgians to bring their creativity and ideas to Rivian. We’re confident that, alongside Illinois, Georgia is the place for Rivian to continue to scale and thrive.”
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Trading for RIVN stock today is doing well with some 15 million shares changing hands following the manufacturing facility news. To put that in perspective, it’s quickly approaching the company’s daily average trading volume of 17.7 million shares.
RIVN stock is up 1% as of Thursday afternoon after a higher rally earlier today.
There’s more stock market news investors will want to know about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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