After Ford, Rivian Is Investing Millions To Boost Kentucky's EV And Manufacturing Game

EV maker Rivian Inc (NASDAQ:RIVN) would invest $10 million in a remanufacturing facility in Bullitt County, Kentucky.

What Happened: Kentucky Governor Andy Beshear said that Rivian would expand its first facility within the state, creating 218 full-time jobs. Rivian presently stocks replacement parts in a facility in Shepherdsville.

Under the new project, Rivian will update the 326,000-square-foot existing facility to support the warranty, repair and service of the company's EVs. 

The EV maker is now approved for tax incentives in Kentucky and could also be eligible to keep a portion of the new tax revenue it generates depending on whether it meets its yearly targets. The company can also avail help from Kentucky’s workforce service providers including no-cost recruitment and job placement services, among other incentives.

"Our new site in Shepherdsville will support multiple business-critical functions for Rivian and help bring good-paying jobs and training for Kentuckians in the region," said Rivian's executive vice president of facilities Jimmy Knauf.

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Why It Matters: In 2021, Ford Motor Co (NYSE:F) said that it will invest $5.8 billion in Hardin County, Kentucky, with South Korean energy company SK Innovations. The progress of the plant, called BlueOval SK Battery Park, is on track. Batteries will be produced at two sites on the plant starting in 2025.

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