Rivian Secures Conditional $6.6 Billion Federal Loan for Delayed Georgia EV Factory

Nov 26, 2024, 04:31 AM

Rivian Automotive has received a conditional commitment for a loan of up to $6.6 billion from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Program. The loan, if finalized, will support the construction of Rivian's delayed electric vehicle factory in Stanton Springs North, Georgia. This facility is part of Rivian's plans to expand its production capacity. The approval is conditional and not yet finalized, with further steps required to secure the funding.