Does Today's News Make Rivian Stock a Buy?
Last December, when Rivian Automotive (NASDAQ: RIVN) had barely begun to produce its initial vehicles, the company announced plans for a second manufacturing plant in Georgia.
Investors may have felt like the company was getting ahead of itself to be building a new facility capable of producing 400,000 vehicles per year, when it barely made 1,000 in 2021. It still may seem that way, with only 25,000 EVs expected to come from its existing Illinois facility in 2022. But the company is making long-term plans, and has gained the support of the state of Georgia for $1.5 billion in potential incentives for a new manufacturing plant there.
Image source: Rivian.
Source Fool.com
