Rivian plans to borrow around $15 billion for a Georgian EV facility

 Rivian plans to borrow around $15 billion for a Georgian EV facility

According to an agreement on November 9, it said in a securities filing, the taxable bonds would be issued by the Georgia Department of Economic Affairs alongside the Joint Development Authority of Jasper, Morgan, Newton, alongside Walton Counties. It also stated that Rivian has committed to buying bonds as they are issued.

As part of its intentions to construct an electric car manufacturing factory in Georgia, Rivian Automotive said on Monday that it intends to borrow around $15 billion in debt.

According to an agreement on November 9, it said in a securities filing, the taxable bonds would come from issued by the Georgia Department of Economic Development as well as the merged Joint Development Authority of Jasper, Morgan, Newton, and Walton Counties. It also stated that Rivian has committed to buying bonds as they are issued.

The business has committed to paying property taxes totaling at least $300 million until 2047. If the automaker makes more money than its $5 billion investment, the payments will go up.

In 2021, Rivian announced its intentions to establish the Georgia factory and said that it would be operational by 2024. Over 7,500 workers will be employed by the new facility, which will ultimately produce 400,000 cars annually.