Expansion Solutions story highlights how Illinois has the infrastructure, workforce, location and commitment to a green economy to support the thriving electric vehicle industry
Is Illinois Becoming the Silicon Valley of Electric Vehicles?
Published on Wednesday, January 26, 2022 by Nicole Cornett, Expansion Solutions Magazine
In 2016, Rivian was a little-known tech company when its founder visited Normal, Illinois to look at purchasing equipment from a shuttered Mitsubishi factory. Rather than simply purchasing the equipment, he noticed the promise of Normal and the company ended up taking over the entire plant, continuing to expand, and receiving backing from investors including Amazon, Ford and Cox Automotive. Rivian’s first electric truck rolled off its only assembly line in Normal in September of 2021, and the company went public in November. Its R1T is said to define what modern pickup truck can be and was honored with Motor Trend’s prestigious 2022 Truck of the Year. By choosing to manufacture its electric trucks in Normal, Rivian has had a tremendous impact on the community and the state. It is currently one of McClean County’s largest employers, responsible for 3,700 jobs.
Rivian is one piece of the growing EV industry’s presence in Illinois and testament to the importance of the State’s efforts to advance the industry. In October, 2021 Illinois passed the Reimagining Electric Vehicles Act (REV) into law, providing significant incentives that make Illinois a premier location for EV related companies looking to grow. These include:
- Income tax withholding equal to 75% for new employees (100% in underserved or energy transition areas)
- Credits for education and vocational training
- Tax exemptions for building materials and utilities
- Capital expenditure credits for EV and battery facilities