Electric-vehicle startup Rivian Automotive Inc. plans to start construction next year on a second U.S. manufacturing facility in Georgia, placing a hefty bet on its ability to steadily increase sales in the coming years.
The $5 billion manufacturing investment, which Rivian announced on Thursday, follows the company’s blockbuster IPO last month, where it raised nearly $13.5 billion in fresh capital. It also comes as competition in the electric-vehicle market is heating up with established car companies such as General Motors Co. and Ford Motor Co. getting ready to roll out new plug-in models that will compete with Rivian’s offerings.