Stay updated with breaking news from Joint Development Authority. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Rivian EV Plant Debt: The company has agreed to pay a minimum of nearly USD 300 million in property tax payments through 2047. The payments would increase if the carmaker exceeds its USD 5 billion investment.
Rivian disclosed more details regarding its agreement with the JDA of the counties where its Georgia plant is coming up.
The American company’s second factory will build more affordable EVs based on the R2 platform. These are expected to start at around $40,000.
The taxable bonds would be issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties, according to an agreement on November 9.
Rivian received the nod for starting construction at its Georgia plant, which is earmarked for manufacturing its more affordable EVs.