Rivian Wins Conditional $6.6 Billion Loan Backed by Biden for Georgia EV Factory

Nov 26, 2024, 11:33 AM

Rivian Automotive has received preliminary conditional approval for a $6.6 billion loan from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) program. The loan, backed by the Biden administration, will support the construction of a new electric vehicle manufacturing facility in Georgia, which had previously been paused due to production challenges and financial constraints. The factory, located in Stanton Springs North, is expected to produce Rivian’s midsize platform, including the R2 sport utility vehicle and the R3/R3X crossover. The facility will be built in two phases, each with an annual capacity of 200,000 vehicles. This federal loan is part of the Biden administration’s efforts to bolster the electric vehicle industry and advance climate policies.