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Rivian Automotive | 8-K: Signing the REV Tax Credit Agreement

SEC announcement ·  May 3 08:36
Summary by Moomoo AI
On May 2, 2024, Rivian Automotive, Inc. announced the entry into a significant agreement with the State of Illinois. The agreement, effective April 29, 2024, involves Rivian Automotive's commitment to a major expansion and renovation of its manufacturing operations in Normal, Illinois. The company has pledged to invest over $1.5 billion within five years and create at least 559 new full-time jobs by the end of 2029, in addition to retaining 6,000 existing jobs in the state. These commitments are part of the conditions for Rivian to receive an incentives package worth up to $827 million, which includes tax credits, exemptions, and grants. The agreement also stipulates that Rivian must maintain operations at the expanded facility for at least 15 years and meet job creation and investment commitments...Show More
On May 2, 2024, Rivian Automotive, Inc. announced the entry into a significant agreement with the State of Illinois. The agreement, effective April 29, 2024, involves Rivian Automotive's commitment to a major expansion and renovation of its manufacturing operations in Normal, Illinois. The company has pledged to invest over $1.5 billion within five years and create at least 559 new full-time jobs by the end of 2029, in addition to retaining 6,000 existing jobs in the state. These commitments are part of the conditions for Rivian to receive an incentives package worth up to $827 million, which includes tax credits, exemptions, and grants. The agreement also stipulates that Rivian must maintain operations at the expanded facility for at least 15 years and meet job creation and investment commitments to retain eligibility for the tax credits, which are initially available for 15 years with a potential extension. The agreement can be terminated under certain conditions, including failure to meet commitments or by mutual consent. The details of the agreement were disclosed in a Form 8-K filed with the SEC, accompanied by the full text of the agreement as an exhibit.

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