Biden Admin Revives Rivian's Georgia Factory with $6.6B Loan
The Biden administration has announced a $6.6 billion loan to Rivian Automotive to build a factory in Georgia, which had been paused due to the company's financial struggles. The loan, from the Advanced Technology Vehicles Manufacturing Loan Program, aims to support the production of Rivian's R2 and R3 vehicles. The factory is expected to produce 200,000 vehicles annually in its first phase. However, the loan's future is uncertain due to potential political changes, as former President Trump, who has previously opposed federal electric vehicle incentives, may return to office.