Irvine-based Rivian Automotive is investing $120 million in a new supplier park in Illinois, another win for Gov. J.B. Pritzker after the company announced a $1.5 billion plan to expand its plant in the state.

The 1.2 million-square-foot park in Normal will allow the electric-vehicle maker to increase production at its plant in 2026, when it starts building its R2 model, said Chief Executive Officer R.J. Scaringe. The park, which will create almost 100 direct jobs, will be used to co-locate companies that produce parts for Rivian.

Pritzker is trying to promote Illinois as hub for new technologies including quantum computing, batteries and EVs. Rivian last year paused plans on a new Georgia facility, shifting planned production of its upcoming R2 vehicle to Illinois, a move the company said it would get the SUV to market faster and save more than $2.25 billion.

The announcement comes as domestic manufacturers have been trying to bolster their supply chains as President Donald Trump’s trade policy has left many unsure of how to source raw materials and production equipment.

Rivian will get $16 million in state incentives for the supplier park, which includes a $5 million tax benefit over 20 years, as well as a capital grant.

Buffett will stay chairman until 2026

Billionaire Warren Buffett will remain chairman of the board at Berkshire Hathaway when vice chairman Greg Abel takes over for Buffett as CEO at the start of 2026.

The board of directors at the cash-rich conglomerate voted Sunday to keep the legendary 94-year-old investor as head of the board, a decision likely to relieve investors worried about maintaining Berkshire’s remarkable winning streak as U.S. and global economies are beset by tariff shocks, financial turmoil and a growing risk of recession.

The board in the same meeting also approved Buffett’s chosen successor as CEO, veteran Berkshire executive Greg Abel, 62. In a surprise announcement Saturday, Buffett said he would step down from that top spot at the end of the year..

Rite Aid to file second bankruptcy

Rite Aid has told its employees it intends to file bankruptcy less than a year after completing an earlier restructuring that failed to turn around the troubled pharmacy chain.

The company was unable to secure additional capital from lenders in order to continue operating the business and now intends to file Chapter 11, Chief Executive Officer Matthew Schroeder said in a letter to employees that was reviewed by Bloomberg News. The drug store chain is also planning to cut jobs at its corporate offices in Pennsylvania.

Schroeder blamed the job cuts on “the dramatic downturn in the economy,” tariffs and increased costs.

IRS lost 31% of tax auditors in downsizing

The Internal Revenue Service lost 31% of its auditors from buyouts and layoffs tied to Elon Musk’s Department of Government Efficiency, departures that are likely to hamper the agency’s ability to go after tax cheats.

More than 3,600 revenue agents — responsible for collecting tax payments — have left the IRS, according to an IRS watchdog report. In addition, 18% of revenue officers, who oversee challenging tax cases, and 10% of tax examiners — front-line employees who review returns — have also left the agency, the Treasury Inspector General for Tax Administration said in a recent report.

More than 7,300 probationary employees were terminated. More than 4,100 workers took Musk’s “Fork in the Road” resignation offer, followed by a second round of buyouts where more than 13,100 were approved to leave.

Compiled from Bloomberg and Associated Press reports.