Rivian To Receive $16 Million Incentive As Plans For $120 Million Illinois Supplier Park Take Shape

Rivian Automotive Inc. RIVN will receive $16 million in state incentives and tax breaks as the EV maker looks to expand its manufacturing unit in Illinois and build a supplier park.

What Happened: The company will receive the incentives from the local government, which includes tax breaks worth over $5 million from Illinois' REV (Reimagining Energy and Vehicles) program, according to a statement from the company on Monday.

Rivian is expected to invest $120 million to build the supplier park, which will help boost its lineup's production in the U.S. The supplier park is expected to span an area of 1.2 million square feet and will create hundreds of jobs, the company shared.

"We are excited to see this supplier park coming together so quickly. This will be a key enabler to increasing production at the plant in 2026 when we start to build R2 in addition to R1 and our commercial vans," Rivian CEO RJ Scaringe said.

Why It Matters: Rivian is gearing up for its earnings call, all set to take place on Tuesday. Analysts expect the company to share updates on the anticipated Rivian R2, which is the company's affordable 5-seater SUV.

Rivian also recently added AI expert and Coherent Corp COHR co-founder Aidan Gomez to its board of directors, in a move that could help Rivian develop newer tech for its vehicles.

Elsewhere, Scaringe shared that Rivian's U.S.-centric supply chain could help the company grapple with U.S. President Donald Trump‘s tariffs and provide the EV maker an edge over its competitors.

Rivian scores well on Momentum and Growth metrics, and has a satisfactory score on the Value metric. For more such insights, sign up for Benzinga Edge today!

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