Rivian Plans To Spent $5 Billion On Second EV Plant

Electric vehicle maker Rivian is planning to spend $5 billion on a second, electric vehicle plant, according to a report from Reuters, based on a leaked document. According to the report, Mesa, Arizona might be under consideration for the plant. Plans for the new plant have not been confirmed by Rivian, which was started and has significant operations in the Irvine area. Rivian currently has a factory in Illinois. The company is backed by Amazon, Ford Motor, T. Rowe Price, and others, and has raised more than $10.5 billion in total funding.