New Delhi: Rivian Automotive plans to lift almost USD 15 billion in debt to assist construct an electrical automobile manufacturing plant in Georgia, the EV maker stated on Monday.
The taxable bonds could be issued by the Georgia Division of Financial Improvement and the Joint Improvement Authority of Jasper, Morgan, Newton and Walton Counties, in response to an settlement on Nov. 9, it stated in a securities submitting, including that Rivian has agreed to buy bonds as they’re issued.
The corporate has agreed to pay a minimal of almost USD 300 million in property tax funds via 2047. The funds would improve if the carmaker exceeds its USD 5 billion funding.
Rivian had stated in 2021 that it plans to arrange the Georgia plant and had stated on the time that it will be commissioned by 2024. The brand new plant will make use of greater than 7,500 folks and finally construct 400,000 autos a 12 months.
