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Rivian Gets Conditional $6.6 Billion DOE Loan to Build Georgia EV Plant

Nov 26, 2024, 04:58 AM

Rivian Automotive has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy's Advanced Technology Vehicle Manufacturing (ATVM) program to support the construction of its electric vehicle production facility in Stanton Springs North, Georgia. The funds will aid in building the company's delayed Georgia plant, which is set to produce midsize next-generation electric vehicles. The loan's approval is a significant boost for Rivian as it expands its production capabilities. The announcement led to Rivian's stock rising 12% yesterday.