Rivian (RIVN) wins in Georgia as EV maker gets green light to build $5B facility
EV maker Rivian (RIVN) just got a huge break. Despite opposition, the Georgia Supreme Court declined to hear an appeal contesting the legitimacy of Rivian’s expected property tax breaks for its new $5 billion EV facility in the state.
Rivian first announced plans for a massive 2,000-acre, $5 billion electric vehicle plant in Georgia in December 2021.
Once fully operational, the facility will be capable of producing up to 400,000 EVs annually. In comparison, its Normal, IL, plant has a maximum production capacity of 150,000 EVs per year.
At the time, Rivian said the Georgia facility would be home to its next generation of products. Initial plans called for construction to begin last summer, with the start of production (SOP) by 2024.
Despite this, Rivian has yet to break ground officially. The facility has faced its fair share of opposition, with five residents suing the Joint Development Authority (JDA) of Jasper, Morgan, Newton, and Walton Counties and the company it hired to begin grading this past October.
Before that, seven members of Rivian opposition group Morgan County Land, Sky & Water Preservation challenged aspects of the local property tax incentives being offered to the EV maker.
A Morgan County judge sided with the Rivian opposition group in September, rejecting roughly $700 million in local property tax breaks, a central piece of its over $1.5 billion incentive package, which includes tax breaks, grants, free land, and infrastructure.
Rivian’s incentive package is the second largest in Georgia state history, behind The Hyundai Motor Group’s $1.8 billion in similar benefits for its $5.5 billion, 3,000-acre EV assembly plant in Bryan County.
In April, a panel of judges ruled in favor of JDA and the State of Georgia on four of five aspects of the legal controversy over the majority of Rivian’s incentive package.
However, the panel declined to validate the bonds at the heart of the $700M in local tax breaks Rivian expected to receive. The following month, the court threatened the factory and asked Rivian if it wanted to terminate its agreement with the state and JDA over the facility if the tax breaks weren’t included.
Rivian wins big on Georgia EV facility
Rivian CEO RJ Scaringe told the Atlanta Journal-Constitution that Rivian was “committed to this state and this project.”
Georgia’s highest court said it would let stand an appellate court’s ruling that primarily favored the state and JDA, paving the way for reinstating hundreds of millions of dollars in tax savings for Rivian.
Although a formal groundbreaking ceremony has yet to occur, the site is currently being graded. Production is now expected to begin in 2026, building Rivian’s next-gen R2 series products.
The Georgia facility is expected to employ 7,500 workers while spurring thousands of supplier and related jobs, according to Georgia Department of Economic Development Commissioner Pat Wilson. He explained:
A project of this scale attracts suppliers and builds a thriving community that can support more local businesses. The benefits will be felt across the e-mobility ecosystem and the dozens of other industries its supply chain touches.
Rivian recently shattered analyst expectations, delivering 12,640 EVs in the second quarter while producing nearly 14,000. The EV maker introduced its in-house Enduro drive units and LFP battery packs this past quarter, which Rivian says will help streamline production. Rivian aims to produce 50,000 EVs total for the year, more than doubling from 2022.
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Chinese carmaker XPeng is getting perilously close to bringing its AeroHT consumer eVTOL concept to market, thanks to a $250 million Series B round that’s set to accelerate the company’s modular “flying car” production plans.
XPeng subsidiary AeroHT had its first successful proof of concept test flight ahead of the brand’s annual 1024 back in 2023, where the company unveiled a pair of flying car designs. The X3 is an actual flying “car” that can drive, park, and take off on its own, and a second, modular eVTOL that folds up into the back of an electric van called the Land Aircraft Carrier.
That vehicle pair, shown at CES in January, was set to begin production this year, with the eVTOL component set to begin production in 2026 – and that’s looking a lot more likely thanks to the new infusion of capital!
AeroHT at CES 2025
Xpeng Aeroht raised $150 million in Series B1 funding last August, before launching its Series B2 funding round. The most recent announcement that the company has secured an additional $100 million in its Series B2 funding round brings the total amount raised to more than $750 million, with a $1B pre-revenue valuation.
CNEVPost reports that company aims to establish itself as a commercial pioneer in urban air mobility ahead of a potential IPO – and may get there sooner than later, thanks to several hundred pre-orders at the $280,000 projected price.
Electrek’s Take
Scooter Doll said it best, writing, “this footage (of the AeroHT test flight) is as scary and concerning as it is exciting and awe-inspiring.” Which is to say that these things are real, they seem like they’re getting built, and they seem like they’ll sell well enough to convince at least one or two remaining boomers that the flying car they’ve been promised their whole lives is – finally! – coming to market.
Here’s hoping.
SOURCE: Xpeng, via CNEVPost; gallery photos by the author.
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Flooring manufacturer Beauflor USA just turned on the biggest rooftop solar system by capacity in metro Atlanta — and it’s now powering part of its Georgia factory.
The new 1,040 kW system in Cartersville officially beats metro Atlanta’s previous rooftop solar record of 1,034 kW. The new array produces enough energy to power more than 100 homes. The system is expected to cover about 10% of Beauflor’s electricity needs and cut its carbon emissions by about 920 metric tons annually.
“This solar installation represents our commitment to sustainable manufacturing practices while making sound business decisions,” said Emile Coopman, continuous improvement manager at Beauflor. He added that the system is designed with room to grow: “This is the first step toward more renewable energy.”
The company partnered with Cherry Street Energy to install the nearly 2,000-panel system, which was completed in less than four months. Cherry Street invested $1.8 million into the project and is covering all construction and maintenance costs through a 30-year energy procurement agreement. Beauflor will buy solar power directly from Cherry Street, allowing it to avoid upfront capital costs while still lowering its energy bills.
“As Georgia’s manufacturers ramp up production amid rising costs for grid energy, sophisticated operators seek ways to quickly and sustainably address their energy needs,” said Cherry Street CEO Michael Chanin. “On-site solar with no capital expense delivers just that: reliable, affordable electricity.”
Chanin added that the system’s power output is especially impressive: “The previous record-holder for metro Atlanta’s largest rooftop solar required over 4,000 panels. We’re using less than 2,000 to reliably generate even more power.”
Read more: This is New Jersey’s largest high-rise residential rooftop solar array
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Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Block shares jumped more than 10% in extended trading on Friday, as the fintech company gets set to join the S&P 500, replacing Hess.
It’s the second change to the benchmark this week, after S&P Global announced on Monday that ad-tech firm The Trade Desk would be added to the S&P 500. Trade Desk is taking the place of software maker Ansys, which was acquired by Synopsys in a deal that closed Thursday.
Hess’ departure comes just after Chevron completed its $54 billion purchase of the oil producer, prevailing against Exxon Mobil in a legal dispute over offshore oil assets in the South American nation of Guyana.
Block will officially join the S&P 500 before the opening of trading on July 23, according to a statement from S&P. Stocks often rally when they’re added to a major index, as fund managers need to rebalance their portfolios to reflect the changes.
Most alterations to the S&P 500 take place during the index’s quarterly rebalancing. However, in the case of the closing of an acquisition, a company can be removed from the index and replaced off schedule. Last week monitoring software company Datadog took Juniper Networks’ place in the S&P 500 as part of the index’s quarterly change.
Block’s addition brings further tech heft to an index that’s been steadily moving in that direction in recent years, reflecting the market cap gains of companies across the sector. Block, which gained popularity as Square due to the rapid growth of the company’s payment terminals, has expanded into crypto, lending and other financial services.
Founded by Jack Dorsey in 2009, Square changed its name to Block in 2021 to emphasize its focus on blockchain technologies.
Block shares are down 14% this year, underperforming the broader U.S. market. The Nasdaq is up more than 8%, while the S&P 500 has gained 7%. Still, with a market cap of about $45 billion, Block is valued well above the median company in the index.
In May, Block reported first-quarter results that missed Wall Street expectations on Thursday and issued a disappointing outlook, leading to a plunge in the stock price. Block’s forecast for the second quarter and full year reflected challenging economic conditions that followed sweeping tariff announcements by President Donald Trump.
“We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year,” the company wrote in its quarterly report.
The company is scheduled to report second-quarter results after the close of regular trading on Aug. 7.
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