Electric transport startup Rivian will be setting up a second factory in Georgia, according to a company announcement on Thursday, indicating a positive outlook despite posting losses for the recent quarter after a disappointing Wall Street performance.
From the proceeds of its Nov. 10 initial public offering, the Amazon-backed electric vehicle startup will invest $5 billion toward developing a carbon-conscious campus in Morgan and Walton Counties, located east of Atlanta. Following months of speculation, construction is expected to start by summer next year and production is slated for 2024.
