Rivian Halts Planned $5 Billion Georgia EV Plant—And Its Shares Surge

ToplineElectric vehicle maker Rivian will indefinitely halt plans for a $5 billion production facility, the company announced in a corporate event on Thursday, as the company looks to cut costs following a major round of layoffs last month even as EV competition continues to heat up.Rivian unveiled two new EV models on Thursday, and halted plans for a second facility in Georgia.Getty Images Key FactsRivian founder and CEO R.J. Scaringe announced the project’s pause in a Securities and Exchange Commission fi ...