Rivian Automotive Receives $827M Incentive Package: What's Going On With Rivian Stock?

Rivian Automotive, Inc. RIVN shares are trading higher Thursday after the company announced it has received an $827 million incentive package from the State of Illinois Department of Commerce & Economic Opportunity. 

The Details:

Rivian has received an $827 million incentive package from the State of Illinois Department of Commerce & Economic Opportunity, which will allow the company to expand operations at its plant in Normal, IL. The company said the funds from the incentive package will go towards expansion of the plant, improvements in public infrastructure and job training programs for Rivian’s workforce. 

“We are grateful for this investment from the State of Illinois and for the leadership of Governor Pritzker, President Harmon, and Speaker Welch,” said RJ Scaringe, Rivian CEO. 

“The support from the state will allow us to quickly bring our midsize SUV, R2, to market and provide even greater consumer choice for EVs. Governor Pritzker has always been a strong advocate for providing economic opportunities for Illinois residents and business owners alike. We look forward to continuing our close partnership and building upon the success we have enjoyed.” 

Rivian shares are up more than 18% over the past five days, and the company is set to report its first-quarter financial results on May 7.

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RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are up 6.62% at $9.82 at the time of publication Thursday. 

Image: Courtesy of Rivian Automotive, Inc.