Rivian Automotive, an electric vehicle company that had an initial public offering last month, said on Thursday that it planned to spend $5 billion to build its second factory, in Georgia.
The announcement, which came on the same day that Rivian said it lost $1.2 billion in the three months ending in September, was the latest investment by an automaker aiming to capture a big chunk of the fast-growing electric vehicle market. Tesla, General Motors, Ford Motor and others are spending billions of dollars on new car and battery factories around the world.
Rivian’s new Georgia plant, east of Atlanta in Morgan and Walton counties, will have the capacity to produce up to 400,000 vehicles a year. The plant is expected to eventually employ 7,500 people. The company also said it would expand its Illinois plant to produce up to 200,000 vehicles a year, up from its capacity of 150,000