Rivian Secures Conditional $6.6 Billion DOE Loan for Delayed Georgia EV Plant

Nov 26, 2024, 06:59 AM

Rivian Automotive has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build a new electric vehicle manufacturing plant in Stanton Springs North, Georgia. Announced by the Biden administration on Tuesday, the loan comes from the Department's Advanced Technology Vehicle Manufacturing program and will support the construction of Rivian's delayed facility. The plant, which will be built in two phases with each phase capable of producing 200,000 vehicles annually, will manufacture Rivian's midsize platform, including the upcoming R2 sport utility vehicle and R3/R3X crossover. The conditional commitment enables Rivian to proceed with its expansion plans and aims to boost electric vehicle production in the United States.