Rivian Secures $6.6B Federal Loan for Georgia EV Plant Expansion
TL;DR Summary
Rivian has secured a $6.6 billion conditional loan from the U.S. Department of Energy to resume construction of its planned factory in Georgia, which is now expected to begin operations in 2028. The factory, initially announced in 2021, was delayed due to financial constraints, leading Rivian to shift production plans for its R2 SUV to its existing Illinois plant. The Georgia facility is projected to employ 7,500 people by 2030, supported by a $1.5 billion incentives package from the state.
- Rivian snags $6.6B conditional federal loan to build Georgia factory TechCrunch
- Rivian Receives Conditional $6.6 Billion U.S. Loan to Expand EV Production The Wall Street Journal
- EV Projects to Get $13 Billion in Federal Loans The New York Times
- Rivian gets $6.6 billion conditional loan approval to build Georgia EV plant Yahoo Finance
- Rivian gets conditional approval for $6.6 bln govt loan to build Georgia factory Investing.com
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