An electric vehicle company planning to hit huge production milestone figures in the future could face a roadblock depending on the election results in the state of Georgia in 2022.
What Happened: A planned production plant for Rivian Automotive Inc (NASDAQ:RIVN) in the state of Georgia has become a focal point in the primary battle between two Republican candidates for the state’s gubernatorial race, Teslarati reports.
Former U.S. Sen. David Perdue is running against incumbent Gov. Brian Kemp for the Republican nomination in Georgia.
“Brian Kemp is selling us out to George Soros. He’s pledged our tax dollars to lure a California company funded by George Soros to Georgia and is calling it ‘economic development,’” Perdue said.
Perdue went on to say that the factory announcement was done by Kemp to promote himself in an election year.
“Real economic development is straightforward. Growth should be organic, and the local community and its leaders should be involved in the process.”
Perdue said many residents of Georgia are against Rivian’s announced electric vehicle production factory in the state.
“Like a typical 20-year career politician, Kemp is ignoring locals’ concerns and trying to cut them out of the process.”
Perdue said when he’s elected governor, he’ll prioritize growing Georgia jobs without the George Soros connection.
Soros Fund Management is an investor in Rivian and owns around 2% of the company’s shares, making it around the 10th-largest shareholder. Amazon.com Inc (NASDAQ:AMZN) and Ford Motor Company (NYSE:F) are also investors in Rivian, with larger stakes than Soros.
A spokesperson for the Kemp campaign said the current Governor planned to make comments Tuesday in regards to the accusations by Perdue.
Related Link: 2 Members Of U.S. Congress Now Own Rivian Shares: Here's Who And How Much They Own
Why It’s Important: Rivian announced plans for its second plant to be located in Georgia and consist of nearly 20 million square feet of space on a 1,978-acre piece of land. The plant would include production, onsite vehicle delivery, an event center, training facility and a charging station with 144 stalls.
Rivian was making around 50 units a week in December and has plans to increase its annual capacity to 200,000 vehicles. The plant in Georgia would add an annual capacity of 400,000 vehicles.
The company plans to eventually have four assembly plants worldwide with a goal of producing 1 million cars annually by 2030.
Rivian produced 1,015 electric vehicles in 2021 and reported 920 deliveries, falling short of original company estimates.
The winner of the GOP gubernatorial primary in Georgia is expected to face off against Democratic candidate Stacey Abrams. The 2018 election saw Kemp narrowly defeat Abrams with 50.2% of the popular vote versus 48.8%. Abrams has previously voiced support for the Rivian plant.
For Rivian, it could soon find itself rooting for a matchup of Kemp vs. Abrams for Georgia governor.
RIVN Price Action: Rivian shares are down 8.98% to $61.49 Tuesday afternoon. Shares have traded between $50 and $179.46 since going public at an IPO price of $78 in November 2021.
Photo courtesy of Rivian.
