Rivian receives $6.6 billion government loan for Georgia factory to expand EV production.

From Investing.com: 2024-11-25 23:22:12

Rivian secures conditional approval for a $6.6 billion loan from the U.S. Department of Energy for a planned factory in Georgia. The loan includes a $6 billion principal amount and $600 million in capital interest, supporting the company’s midsize platform for SUVs like the R2 and R3 crossovers.

Production of midsize vehicles at the Georgia facility is set to begin in 2028 with an annual capacity of 200,000 units per phase. Rivian, facing financial challenges, had halted construction earlier this year. The DOE’s ATVM program has supported Tesla and will now assist Rivian.

Following a $5.8 billion investment from Volkswagen, Rivian aims to leverage its technology for the production of electric vehicles. This news comes as Rivian seeks to overcome financial hurdles and expand its presence in the EV market.



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