Soros Backed Electric Vehicle Maker Rivian Becomes Primary Flashpoint With Planned Georgia Facility

Electric vehicle maker Rivian, which, as we reported earlier is heavily invested in by George Soros, has become a primary flashpoint with a planned Georgia facility.

Trump-endorsed GOP GA Gov candidate David Perdue cited Rivian’s plant as a crucial point of criticism against his primary opponent and current GOP Governor Brian Kemp.

Perdue slammed Kemp for offering taxpayer incentives to attract a “George Soros-owned woke corporation whose stated purpose is to combat climate change.”

“It’s a woke California company whose mission is to turn the world green. They aren’t interested in this part of the country. They just want to make money off of us,” Perdue explained. 

Kemp has reportedly offered Rivian an estimated $1.5B worth of incentives to come to Georgia with their plant.

The planned facility in Georgia could be one of the state’s largest economic development projects to date, however, it also seems that Rivian’s future success could be dependent on the deal as well.

Soros appears to be holding tight to his 20 million shares of Rivian (RIVN), according to Q1 filings for 2022. We are unable to verify if he has made any moves since March 31st of this year.

In the last quarter of 2021, Soros invested over $2 billion in Rivian, acquiring 20 million shares. The price of the stock has dramatically fallen since he acquired those shares. The Q1 filing shows he hasn’t sold any of the shares and has even placed a bullish call option on Rivian. Meanwhile, Ford has started to sell off some of its shares of the electric vehicle maker, locking in some losses in its investment.

CNN Business has a median price target of $52 projected, this is more than 20 dollars below Rivian’s IPO price of $78 per share, and farther below recent highs.

Rivian delivered 1,227 vehicles in the first quarter of this year and has produced 2,553 vehicles in the same quarter. According to the company’s Q1 10-k filing, they don’t expect to turn a profit for some time.