(New York) Rivian, the American manufacturer of electric SUVs and pickup trucks that just stormed Wall Street despite still very weak sales, on Thursday announced plans to spend $ 5 billion to build a second plant in the United States. United.
The establishment, which will eventually employ more than 7,500 workers in Georgia (south-east), “represents a key step in our progress towards larger production,” the group said in a statement.
Valued at $ 96 billion on the New York Stock Exchange, more than the venerable manufacturers General Motors or Ford, Rivian did indeed start manufacturing its first vans for sale, called R1T, only in September.
That allowed it to generate $ 1 million in third-quarter revenue, the company said Thursday. For a net loss of $ 1.2 billion.
The company stresses that the start-up of the production chain involves significant expenditure and that it must at the same time continue to invest in research and development.
It also incurred a loss of $ 458 million related to the revaluation of a financial instrument.
The new plant in Georgia will be able to produce up to 400,000 vehicles per year. Construction is due to begin in summer 2022 and production will begin there in 2024.
Rivian also plans to expand its current plant in Illinois to be able to produce 200,000 vehicles per year.
It can count on the 13.2 billion dollars raised on the occasion of its IPO in November. The group, founded in 2009, has taken advantage of the current enthusiasm of investors for electric vehicles.
The company had produced only 652 vehicles by December 15 and warned that it would not meet its goal of manufacturing 1,200 units in 2021. But it had received by that same date 71,000 orders for its pickups and SUVs.
It can also count on an order for 100,000 vans placed by Amazon, one of its investors. Rivian plans to deliver the first copies by the end of the year.
Its stock fell by more than 10% in electronic trading following the close of the stock market.