Amazon.com Inc (AMZN.O) backed electric vehicle (EV) company Rivian is in discussions to invest at least $5 billion in a new vehicle plant near Fort Worth, Texas, a city document showed.
R.J. Scaringe, Rivian's 35-year-old CEO, introduces his company's R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blakebacked electric vehicle company Rivian is in discussions to invest at least $5 billion in a new vehicle plant near Fort Worth, Texas, a city document showed.
The Fort Worth offer is part of a larger bidding war by state and local officials, particularly in the southern United States, as newer players take on incumbents in a race to develop EVs. The factory, described in the document as "Project Tera", would create at least 7,500 jobs by 2027 and produce around 200,000 vehicles a year. The plant would be located on a 2,000 acre site west of Fort Worth, the presentation by the city's economic development department showed.
Workers at the factory would earn a minimum average annual salary of $56,000, according to the document. California-based Rivian in a statement said it was in discussions with multiple locations as part of a competitive process for what would be its second U.S. factory, but added that those processes did not indicate a final decision.To attract the Rivian bid, the city offers grants and tax abatements of up to $440 million, with the document stating that known competitors for the site offer aggressive incentives.
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