Rivian Applies to DOE for Loan to Resume Paused $5 Billion Georgia EV Plant

Oct 5, 2024, 06:32 PM

Electric vehicle manufacturer Rivian has applied to the U.S. Department of Energy for a federal loan to resume construction of its $5 billion factory near Atlanta, Georgia, which has been paused since March due to a cash crunch and a change in strategy. The plant is a key part of Rivian's long-term production plans. The company previously moved initial production of its mid-size R2 model to its Illinois facility, slated to begin in 2026. With the loan application still pending approval, Rivian aims to restart the Georgia plant's construction, targeting full production by the fourth quarter of 2028.