Rivian looking for cash
Electric vehicle manufacturer Rivian Automotive announced plans to raise $1.3 billion in cash through the sale of convertible notes, joining a list of EV makers as they face challenges.
The company is hoping to fund the development and launch of its upcoming smaller R2 series vehicles, which are expected to be available in 2026. Shares of Rivian stock closed down over 14% Tuesday.
Lightfoot criticized for food event plans
Outgoing Mayor Lori Lightfoot’s vision of holding the Taste of Chicago on the same weekend as NASCAR’S first street course race is not being received very well.
Grant Park would be inaccessible because of the layout of the track, so Lightfoot wants to move the food event closer to Navy Pier. One alderman said there was no communication and a total lack of transparency from the mayor on what he called a planning disaster.
Focus on developmental centers
The Illinois Department of Human Services has announced an initiative that will change the way the state approaches care for individuals with intellectual and developmental disabilities.
The plan includes repurposing the Choate Mental Health and Developmental Center over three years in partnership with the SIU School of Medicine. There have been reports of abuse and poor care of patients who have mental illnesses at the facility in southern Illinois.
The initiative also calls for new safety measures at all developmental centers around the state.
