EV firm Rivian Automotive (RIVN) has held a formal groundbreaking ceremony for a new factory in Stanton Springs, Georgia, where it plans to make its upcoming R2 SUV and R3 crossover. Both are midsize, five-seater electric vehicles. The first phase of construction is set to begin next year, and the company aims to produce up to 400,000 vehicles per year at the facility by 2028. The project will also create about 2,000 construction jobs, and Rivian expects to hire 7,500 people to work at the plant by 2030.
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Although Georgia hasn’t given Rivian direct financial support, the state reportedly spent over $32 million to prepare the site for construction. At the federal level, the U.S. Department of Energy has offered Rivian a $6.57 billion conditional loan under its Advanced Technology Vehicles Manufacturing Loan Program to help fund the project. However, this major investment comes at a difficult time for the company, which is currently facing weak sales and slow adoption of its electric vehicles, especially the R1T pickup. Indeed, it was recently named one of the least reliable by Consumer Reports.
Even though EV sales growth is slowing—up just 1.5% in the first half of 2025—and many automakers are cutting back production due to the end of the $7,500 tax credit, Rivian is continuing to expand. In fact, a company executive told Fortune that Rivian was not built around government tax breaks and remains confident in its future. As a result, the company’s bold plans seem to be exciting investors, as Rivian’s stock rose over 5% on Tuesday.
Is RIVN Stock a Buy or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on RIVN stock based on seven Buys, 12 Holds, and three Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average RIVN price target of $13.89 per share implies 5.1% downside risk.
