Rivian Automotive, founded more than a decade ago by an MIT grad who envisioned supplying America’s insatiable appetite for trucks with electric models, was once expected to take on Elon Musk’s Tesla. But the Irvine, California, based company has hemorrhaged money – and market capitalization – since going public last November. The announcement was rare good news for Rivian, which is backed by investors including a Saudi billionaire, Amazon, BlackRock, Vanguard and Ford.
“The Georgia plant is expected to operate at a capacity of 400,000 vehicles per year. The plant will produce Rivian’s R2