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In a striking turnaround from its near-collapse, Rivian Automotive is now in discussions for a potential partnership with Apple. This comes after securing a whopping $1.5 million per job created in government incentives, setting a new precedent in state-backed corporate inducements.
Rivian's Remarkable Comeback Paves Way for Potential Apple Alliance Amid Major State Incentives
Rivian, once on the brink of penny stock status, has shown remarkable resilience, bouncing back from a low of $ 10 per share to regain its footing. According to Wccftech, this recovery, from a high of $172 per share during the EV boom, is a testament to the company's potential and is sure to catch the attention of even the most skeptical investors.
Excitingly, DigiTimes has uncovered discussions of a potential alliance between Rivian and tech giant Apple. The nature of this collaboration remains undisclosed, a surprising turn of events considering Apple's recent departure from its EV aspirations under Project Titan.
Illinois Governor JB Pritzker has made a substantial commitment to Rivian, announcing a generous $827 million investment. This pledge is contingent on Rivian's own $1.5 billion investment in Normal, Illinois, to expand its manufacturing capabilities. The move is projected to generate a minimum of 550 new full-time jobs, with each job benefiting from $1.5 million in state incentives, including $634 million from REV tax credits. To put this in perspective, a typical location incentive is, at most, $100,000 per new job.
Rivian Struggles Amidst Heavy Losses and Job Cuts, Yet Bets on Future with Affordable R2 Model
Rivian sells two electric vehicles: the R1S SUV and the R1T pickup truck. In the fourth quarter of 2023, the company delivered 50,122 units and lost almost $43,372 for each vehicle sold. Unsurprisingly, the corporation has had two layoff waves so far in 2024.
Rivian, like Tesla, is betting big on a lower-cost EV. The R2 is planned to go into production in 2026 and retail for $45,000.
Tesla recently boasted that it could sell any production volume, implying that demand for EVs was almost endless. However, the last few months have demonstrated how poorly these projections have aged, with Tesla having to deal with a slew of price cuts to boost demand and smaller peers like Rivian being sentenced to a cruel bear market limbo.
Photo: Clayton Cardinalli/Unsplash
