Rivian Automotive (NASDAQ:RIVN) stock is in the news Tuesday after the company announced plans to raise $15 billion in debt.
Rivian is raising these funds to help it with the construction of an electric vehicle (EV) manufacturing facility in Georgia. This facility is planned to be commissioned in 2024 and will eventually produce 400,000 EVs per year.
The taxable bonds that will be used to raise this debt come from the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties. Additionally, Rivian will pay a minimum of $300 million in property taxes through 2047.
Rivian also announced that Carlo Materazzo has joined its team as Vice President of Logistics. Prior to this, he was the VP of Manufacturing for Stellantis’ (NYSE:STLA) North America division.
Frank Klein, Chief Operations Officer at Rivian, said this about the new executive:
“We’re incredibly excited about Carlo joining the team. His experience in automotive manufacturing is second to none and will help ensure Rivian continues to be a world class manufacturing company as we ramp production.”
RIVN Stock Movement Today
RIVN stock is up 2.9% after announcing its $15 billion in debt and new executive. This comes as some 15 million shares trade hands. For the record, the company’s daily average trading volume is about 36 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
