Rivian gets $827m incentives to expand Normal, Illinois factory for R2
Rivian has secured $827 million worth of incentives from the state of Illinois to expand its main factory in Normal.
Rivian’s Normal, Illinois plant is where it builds the R1S and R1T. The plant was purchased from Mitsubishi in 2017.
But the plant is also set to produce the R2 SUV, a smaller upcoming EV which is set to release in the first half of 2026.
Rivian had originally planned to build the R2 in a new plant in Georgia, but it delayed its plans for its Georgia location in order to bring forward production of the R2, saving $2.25 billion in the short term due to using an existing plant instead of having to build a whole new one.
In response, Georgia wondered if Rivian was pulling out of the state, but Rivian recently reaffirmed its commitment to Georgia, just that it’s focusing on Illinois in the short term.
In service of that goal, the company has just secured a development package from the State of Illinois Department of Commerce & Economic Opportunity which would be worth $827 million to the company. This is not a direct cash infusion, but rather a development package including tax breaks and in-kind development efforts by the city which will have the effect of reducing costs for the company
The incentives will go towards plant expansion, public infrastructure, and job training programs. Rivian has agreed to assist in city improvement projects to show its commitment to the community.
These incentives are important for Rivian at the moment, which is losing money each quarter as it scales production. Losses have generally reduced over time, but the company is racing to become cash flow positive before its ~$9 billion in cash reserves drains out.
The company just completed a factory upgrade which saw production shut down for most of the month of April. Production restarted yesterday.
Rivian says that this upgrade will allow huge margin improvements on its vehicles, and that the company thinks it will be able to turn a small profit the end of the year. It has enough cash to make it that far (and perhaps a little farther) at current burn rates, so as long as the company’s trajectory keeps moving positively, it should be okay – mainly thanks to the huge cash reserve it got during its IPO in 2021.
We expect to hear an update on Rivian’s financials, and more results of its factory upgrade, next Tuesday in its earnings call.
Rivian says that it has invested $2 billion in Normal and has generated $3.9 billion of “value add” for the local economy. The plant has built 100,000 vehicles so far since production started in 2021.
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Mercedes-Benz is gearing up to unveil the electric version of its best-selling SUV, the GLC, later this year. With its official debut just around the corner, Mercedes revealed a few new details, offering an exclusive first look at the new EV.
Mercedes offers an exclusive look at the new electric GLC
Although we got a sneak peek of the electric SUV in March during winter testing in Northern Sweden, Mercedes is giving us a better idea of what to expect.
“We’re not just introducing a new model – we’re electrifying our top seller,” Mercedes-Benz Group CEO, Ola Källenius, said on Thursday.
Mercedes promises the electric GLC “sets new standards” with a sleek new design, advanced tech, and its new MB.OS operating system.
The new GLC EV is an upgrade over the current model, offering significantly more space and improved ride quality. Since the wheelbase is 3.1″ longer than the current gas-powered SUV, the electric version has more legroom and headroom for front and rear passengers.
With all the seats folded, the electric SUV offers 61.4 cubic feet of space. The gas-powered model features up to 56.3 cubic feet of cargo space. Plus, you get an extra 4.5 cu ft of space in the trunk (front trunk).
Källenius said that with Mercedes’ new 800V electric architecture and latest batteries, the electric GLC can regain around 260 km (161 miles) WLTP range in just ten minutes. He added that DC fast charging at over 320 kW is possible.
The GLC 400 4MATIC with EQ Technology will arrive with impressive towing capability of up to 5,291 lbs. In comparison, the Tesla Model Y can only tow up to 3,500 lbs.
Added features, such as ESP trailer stabilization and trailer maneuvering assistant, make it even easier to tow with optimized stability and control.
Källenius also teased the new electric GLC design, calling it the start of a “new era” and “a new face of the brand as the first in a family of upcoming vehicles.”
The inside is just as impressive, providing a holistic experience. A “majestically floating next generation MBUX Hyperscreen” is optional, providing a spatial experience powered by the new MB.OS supercomputer.
Mercedes will unveil the new electric GLC at the 2025 International Motor Show in Munich on September 7, 2025.
Although official range figures will be revealed at the event, according to Car and Driver, which tested a prototype model, Mercedes said it expects the new GLC to provide a WLTP range of just over 400 miles, or slightly more than 300 miles on the EPA scale, from a 94.5 kWh battery.
Prices will also be announced in due time, but given that the current GLC 350e 4MATIC PHEV starts at $59,900 in the US, you can expect the electric model to be priced slightly higher, at around $65,000.
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Tesla (TSLA) announced its 2025 annual shareholders meeting at the very last minute, and it pushed it all the way to November, the latest it has ever held the meeting.
Tesla generally holds its annual meeting in the summer and announces it way ahead of time.
Today, the automaker announced that the meeting will be held on November 6:
The board of directors (the “Board”) of Tesla, Inc. (“Tesla”) has designated November 6, 2025 as the date of Tesla’s 2025 annual meeting of shareholders (the “2025 Annual Meeting”).
This is highly unusual for Tesla. Here are the dates of Tesla’s last 5 annual meetings:
- 2020: September 22, 2020
- 2021: October 7, 2021
- 2022: August 4, 2022
- 2023: May 16, 2023
- 2024: June 13, 2024
At those meetings, shareholders vote on several matters, including the reelection of directors and shareholders’ proposals.
Tesla has not released any yet, but they are expected to be in the upcoming proxy statement, which Tesla should release in the coming weeks.
Why does Tesla need more time?
Electrek’s Take
I think Tesla is working on some proposals that are going to take time to put together and then to sell to shareholders – hence why the meeting is set for November.
There are two suspects: a new CEO compensation package for Musk or a merger/acquisition of xAI.
It could also be both, but I think that would be harder to swallow for some shareholders as both initiatives have a clear aim of giving Musk a bigger stake in Tesla.
I think sane investors should not want that, but Tesla shareholders don’t fit in that category. Much of Tesla’s value is attached to Musk’s lies and ridiculous predictions. The value will have to come down to reality at some point, but they are a bunch of gamblers who are enjoying the ride in the meantime.
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A three-row electric SUV for less than $30,000? Sign me up. NIO (NYSE: NIO) opened pre-orders for the new Onvo L90 on Thursday, starting from 193,900 yuan, or about $27,000.
NIO kicks off Onvo L90 pre-orders in China
NIO claims the Onvo L90 is the lightest full-size three-row SUV in its class, with a curb weight just under 5,000 lbs (2,250 kg). In comparison, the Lucid Gravity has a curb weight of 5,966 lbs (2,712 kg).
The new flagship model is designed as a family-friendly SUV, offering ample interior space and advanced technology.
At 5,145 mm long, 1,998 mm wide, and 1,766 mm tall, the Onvo L90 is slightly bigger than the Lucid Gravity. In China, it will go head-to-head with higher-end electric SUVs like Li Auto’s L9.
However, the L9 is an extended-range electric vehicle (EREV) and starts at around 409,800 yuan ($57,000), more than double the price of the Onvo L90.
The low price of 193,900 yuan ($27,000) applies only to those who rent the battery. Nio’s Battery as a Service (BaaS) costs 899 yuan ($125) a month. With the battery included, the Onvo L90 still starts at just 279,900 yuan ($39,000).
Nio’s new electric SUV is offered in six and seven-seat configurations. The interior features a massive 17.2″ floating infotainment screen at the center.
Other interior highlights include a three-zone climate control system, massage, heating, and ventilation for every seat, as well as an additional entertainment screen for rear passengers. And like many new vehicles in China nowadays, it even comes with a built-in refrigerator.
Powered by an 85 kWh battery, the Onvo L90 offers a CLTC range of 605 km (367 miles). It’s also based on NIO’s next-gen 900V platform, unlocking class-leading energy consumption of just 14.5 kWh per 100 km.
Buyers can choose from single and all-wheel-drive powertrains. The AWD version boasts up to 590 hp (440 kW), good for a 0 to 100 km/h (0 to 62 mph) sprint in just 4.7 seconds.
NIO is offering an incentive for early pre-order holders. Those who place an order with a 2,000 yuan deposit will receive a 5,000 yuan credit off the vehicle and an extra 5,000 yuan for optional features and more. Nio plans to begin delivering Onvo L90 to customers, starting on August 1.
The L90 is the second Onvo-branded EV to arrive in China, following the smaller L60, launched last September.
Source: CarNewsChina, NIO Onvo
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