Rivian gets $6.6 bn dollar conditional loan commitment
With fresh funding in its pockets, the US automaker says the plant will open its doors in 2028. The factory will be built in two stages, “each resulting in 200,000 units of annual production capacity, for a total of 400,000 units of annual capacity.” Moreover, Rivian says that the first phase of the project will create around 7,500 jobs through 2030.
“This loan will help create thousands of new American jobs and further strengthen US leadership in EV manufacturing and technology,” said Rivian Founder and CEO RJ Scaringe. “This loan would enable Rivian to more aggressively scale our US manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability. A robust ecosystem of US companies developing and manufacturing EVs is critical for the US to maintain its long-term leadership in transportation.”
Rivian had suspended construction of the new plant in Stanton Springs North earlier this year after recording high losses in 2023 and again in the first quarter of 2024. It also relocated the production of the upcoming R2 to its operating factory in Normal, Illinois. Once the site is up and running, the midsize SUV will roll off the production line in Georgia, as will the midsize crossover R3.
The money would come from the DOE’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program and would include 6 billion dollars of principal aid, as well as 600 million dollars of capitalised interest. It is still a conditional commitment. Rivian “must satisfy certain technical, legal, environmental, and financial conditions before the Department of Energy enters into definitive financing documents and funds the loan.”
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