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Amazon-Backed Rivian in Talks for $5 Billion Texas Plant

  • Factory would have capacity to produce 200,000 EVs a year
  • Project would create at least 7,500 jobs, documents show
Bloomberg business news
Amazon-Backed Rivian in Talks for Texas Factory
Updated on

Rivian Automotive Inc., the electric-vehicle startup backed by Inc., is in talks to invest at least $5 billion to build a factory near Fort Worth, Texas, according to a document obtained by Bloomberg News.

The factory -- codenamed “Project Tera” according to the document -- would be able to produce 200,000 vehicles a year and would create at least 7,500 jobs by 2027. The presentation, made by the City of Fort Worth’s Economic Development Department to the City Council and dated Aug. 10, also proposes a number of incentives including grants and city tax abatement of as much as $440 million.