To be called Project Tera, the proposed factory of the California-based company aims to manufacture close to 200,000 electric vehicles per year, while creating at least 7,500 roles by 2027
A Rivian R1T electric vehicle. (Credit: Rivian)
Rivian, an electric vehicle (EV) company backed by Amazon, is in talks to invest at least $5bn to build its second EV manufacturing plant in Fort Worth, Texas, as per a city document.
Described as Project Tera in the document, the proposed factory aims to produce nearly 200,000 EVs annually. It will generate at least 7,500 roles by 2027 with the average annual salary expected to be $56,000.
Rivian is expected to build the vehicle plant on a 2,000-acre site, located west of Fort Worth, near Walsh Ranch, as per the presentation by the city’s economic development department. The EV plant is likely to span an area of 12 million ft².
Project Tera will see a real property investment of $2bn and $1.6bn amount spent on construction. The initial investment is expected to be made by the end of 2024.
The city’s Economic Development Department has also prepared a county tax abatement plan for $440m to support the EV manufacturing plant.
City of Fort Worth Economic Development Department director Robert Sturns said that the city is “very excited to be a finalist for this project and looks forward to continuing the process.”
Rivian’s first EV manufacturing plant is located in Normal, Illinois, where customer deliveries are expected to start in fall 2021. The California-based company is manufacturing R1T and R1S vehicles at the Normal facility.
Last month, Rivian raised $2.5bn in a new private funding round that was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor, and funds and accounts advised by T. Rowe Price Associates.
Earlier this year, the EV manufacturer and automotive technology company had secured $2.65bn in a financing round. Since 2019, Rivian has raised $10.5bn from various investors.