Stock market data from financial platforms like Bloomberg or Yahoo Finance

Rivian Gets Conditional $6.6 Billion U.S. Loan for Georgia EV Plant, Creating 7,500 Jobs

Nov 26, 2024, 02:44 PM

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. The loan will support the construction of Rivian's electric vehicle manufacturing plant in Stanton Springs North, Georgia, which had previously been halted to save money amid production challenges and lagging sales. The facility is expected to be built in two phases, each with an annual production capacity of 200,000 vehicles, and is projected to create approximately 7,500 jobs. The plant will focus on producing Rivian's midsize platform, including the upcoming R2 sport utility vehicle and R3/R3X crossover models. The loan, while still conditional and not yet finalized, represents a significant investment by the Biden administration to bolster domestic electric vehicle production. Following the announcement, Rivian's stock rose by 12%, reflecting investor optimism about the company's future growth. Rivian CEO RJ Scaringe stated that the federal funding will enable the company to accelerate the production of more affordable electric SUVs.