Rivian Hires Former Mercedes-Benz Executive In Preparation For Georgia Plant Launch
Portfolio Pulse from Benzinga Neuro
Rivian (NASDAQ:RIVN) has hired former Mercedes-Benz executive Arnhelm Mittelbach as the first manager of its upcoming Georgia plant. The plant, set to commence construction next year, will produce Rivian’s next-gen R2 products, which will be priced more affordably than the current models. The first production phase of the new plant is expected to begin next year, with an estimated annual capacity of 200,000 once fully operational. Rivian plans to ramp up to a 400,000 annual EV capacity by the end of the decade.
November 03, 2023 | 2:30 am
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Rivian's hiring of a former Mercedes-Benz executive and the upcoming launch of its Georgia plant could potentially boost the company's production capacity and product offerings. This could have a positive impact on Rivian's stock in the short term.
The hiring of a seasoned executive from a well-established automobile company like Mercedes-Benz could bring valuable expertise to Rivian. Additionally, the upcoming Georgia plant, which will produce more affordable EV models, could potentially expand Rivian's market reach and boost sales. These factors could positively impact Rivian's stock price in the short term.
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