New US $5B Rivian Electric Vehicle Factory To Wrestle Elon’s Tesla Plant

A newly introduced electric car manufacturing company, Rivian electric vehicle factory‘s construction in North Texas is set to rival Tesla electric vehicle plant.

Tesla’s electric vehicle plant, known as “Gigafactory” is also under construction in Austin, Texas posing as a possible rival for the duo company.

Brand News Day understands that both Ford and Amazon throw weight behind Rivian Automotive, which is located in Irvine- California, the duo company announced that they would invest a minimum of US$5 billion to build this factory with the capacity to produce 200,000 vehicles a year.

The Fort Worth EDC proposed an economic development package with Rivian that would include up to US$440 million in grants and county tax abatements, according to an announcement from Rivian.

New US $5B Rivian Electric Vehicle Factory To Wrestle Elon’s Tesla Plant

Although Rivian’s facility would be primarily factory rather than office space, it would employ more than twice as many workers as Toyota’s 2.1 albeit at lower average salaries, and be more than five times the million-square-foot corporate headquarters complex on 100 acres in Plano.

This project would have five times the capital investment as Toyota’s, which is widely currently known as one of North Texas’s most impactful economic and biggest development wins ever. Elon Musk, Tesla’s CEO has boasted the so-called GigaTexas project as the largest automotive manufacturing facility in the United States.

The plant is being built on just over 2,480 acres Tesla purchased last year. In a presentation the company gave to Travis County officials, the electric automaker said that they will hire at least 5,000 employees to work at the facility.

While a number of states and cities are still under consideration, the Texas site has become the front-runner for the Rivian electric vehicle factory. The company, and in particular R.J. Scaringe, the CEO, had previously been keen on a location in Arizona but concerns were raised around the available infrastructure, the people said, asking not to be identified discussing private information.

Robert Sturns, the director of economic development for Fort Worth, said in an email that the city is “very excited to be a finalist for this project and looks forward to continuing the process.”