Posted on 05/05/2022 5:34:09 AM PDT by Red Badger
Rivian Automotive, the electric vehicle (EV) company that beat the legacy automakers to market with the 2022 R1T electric pickup, just received $1.5 billion in incentives to build a new plant in Georgia. The package will include job training support, tax credits and subsidies, according to a statement by the Georgia Department of Economic Development.
Rivian will get $467 million in tax credits if it creates 7,500 jobs by 2028, as the automaker promised. But Pat Wilson, Georgia's commissioner noted that if Rivian doesn't produce that many jobs there are protections for the taxpayer. Almost $300 million will go into site preparation and job training. The final $700 million will come from the four counties hosting the plant, according to Bloomberg.
"In partnership with the Joint Development Authority (JDA) of Jasper County, Morgan County, Newton County, and Walton County, announced that the Economic Development Agreement has been signed by the JDA, the State of Georgia, and Rivian to move forward on the company's $5 billion Georgia project, which will create 7,500 jobs at Stanton Springs North," said the Georgia Department of Economic Development (GDEcD) in a statement.
"Rivian also released an updated site rendering and site plan for their carbon-conscious campus off I20, east of Atlanta. The JDA approved the agreement at a meeting on April 26," the statement said.
(Excerpt) Read more at newsweek.com ...
Looks like Georgia has a lot of money to throw away.
And the Georgia GOP is ready to re-nominate the Soros stooge Kemp as their gubernatorial candidate?
(Yes, I know Perdue is pathetic, but apparently at least not this pathetic.)
I’m indifferent on this. Yeah, I hate tax giveaways. But it’s hard to blame local governments (the counties and state involved) for trying to lure business to their area.
I’ll pass on the $150k pickup, thanks.
$1.5 billion....and I have to stay home because gas is too expensive. Open some damn valves here in the USA...give us what we need for cripes sakes.
How many RIT pickups have they sold? Amazon and Ford both just lost their shirts on Rivian stakes. Losses in the billions. So for sure we should give them a billion tax dollars to build yet another plant which produces almost no product.
Perform so badly you lose 70% ove your market cap, but her get 1.5 Billion in tax breaks and incentives
Rivian Automotive, the electric vehicle (EV) company that beat the legacy automakers to market with the 2022 R1T electric pickup, just received $1.5 billion in incentives to build a new plant in Georgia. The package will include job training support, tax credits and subsidies, according to a statement by the Georgia Department of Economic Development.
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I’m always wary of these “public private partnerships”, aka fascism. If a business has a good idea, they’ll find private equity to fund it. It’s a gamble, which may pay off well for investors or fail. That’s how capitalism should work.
Get the government involved in funding and now pure economic decisions get clouded by politics. Good money, taxpayer money, can then flow after bad as politicians attempt to paper over bad decisions to fund operations that likely never should have been funded in the first place (ex. Enron, Solyndra).
Yeah, looks like Kemp is a shoe in. I’m not voting for him but I really don’t want to vote for Perdue either!
Media can’t keep their story straight.
This story:
“Rivian Automotive, the electric vehicle (EV) company that beat the legacy automakers to market”
While a few stories down:
https://freerepublic.com/focus/f-chat/4060544/posts
“in its newest electric vehicle (EV), the Ford Rivian”
So which is it? The new Tucker Torpedo, or the new Edsel?
It does look like it was designed by Studebaker.
I get that. A much better option should be on the ballot, but of course there’s a reason the uniparty rolls as it does...
if Rivian doesn’t produce that many jobs there are protections for the taxpayeR.
Note to Georgians: I cordially invite you to visit the economic wasteland that is NYS so you can see how well bribing biz with taxpayer money works.
If the history of auto manufacturing is a guide, rivian will struggle until bought by Tesla where it will then become a winner.
Dodge, Cadillac, Lincoln are the precedents
I think you use the wrong descriptives.
rather than tax giveaways, the descriptive should be investment of taxpayer funds
The investment is expected to pay dividends and is not an expense
A lot of manufacturers are building electric car plants. It’s dubious to me that there will be demand for all of their output.
Therefore, I think they will build the plants and then as a fallback use them to build gas powered cars. They’re now taking advantage of subsidies that are motivated by the hype over an electric car future.
True or false:
The fabrication of one battery to power an electrical car produces the same amount of cow that a gas engine produces over eight years.
*auto correct alert. C02 not cow!
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