Rivian Automotive Inc (NASDAQ:RIVN) shares jumped 5% Tuesday morning after the electric vehicle maker got the green light from regulators to construct its second plant in the US.
The plant, which will be built east of Atlanta, Georgia, is expected to be capable of producing 200,000 EVs per year during an initial expansion phase starting next year and 400,000 per year by 2030.
Rivian plans to use the plant to build new vehicles with its new R2 platform, which the company said it will unveil in 2024.
The company’s first plant is located in Normal, Illinois and produces the R1T pickup, R1S SUV there, as well electric delivery vans for Amazon.
Notably, Rivian’s exclusivity deal with Amazon ended earlier this month, meaning other companies will be able to purchase the electric vans.
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