Rivian's second plant could be near Atlanta, report says

Rivian's second plant could be located in Georgia, the Atlanta Journal-Constitution reported Monday.

The electric-truck maker is in late-stage negotiations for a parcel of land east of Atlanta that would be home to a factory that would manufacture vehicles and batteries, according to the report.

Rivian, in a statement, did not address a specific plant location, but confirmed discussions with "multiple locations."

"Rivian is in discussions with multiple locations as part of a competitive process for siting a second manufacturing facility," the statement said. "This may include Rivian being involved in certain public facing processes at potential locations. Involvement in these processes does not indicate a final decision."

Fresh off last week's initial public offering, Rivian is flush with cash, with about $16 billion on hand.

The company has already committed around $5 billion of its hoard for a new plant. In a stock prospectus, Rivian says it will not be profitable until it adds more models and achieves higher volume than the 150,000 units the company's Normal, Ill., plant can build.

The Atlanta area makes sense for a Rivian plant. Earlier this year, the state, which has been aggressively pursuing EV makers and suppliers, inked a deal with South Korean battery company SK Battery America for a $2.6 billion plant about 70 miles southwest of Atlanta. Kia has been building vehicles in Georgia since 2009.

The plant could be located on property "in the area of Morgan, Newton and Walton counties," sources told the Journal-Constitution.

Rivian is expected to purchase a plot of land that is between 2,000 and 10,000 acres, according to plans for the plant, code-named Project Tera, that became public this year.

Negotiations are not final, and the details could change, sources told the Journal-Constitution.

Rivian shares rose 13 percent to 146.59 in midday trading.