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. “The plant, which will eventually employ more than 7,500 workers, represents a key next step as Rivian scales aggressively toward higher-capacity production for our future generation of products. Once ramped, the Georgia facility will be capable of producing up to 400,000 vehicles per year,” said the company in a statement. The new factory is expected to enhance the production capability of …
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