Rivian Secures $6.6 Billion DOE Loan for Georgia EV Factory

The conditional loan aims to revive the stalled project and expand Rivian's production of affordable electric SUVs and crossovers by 2028.

The U.S. Department of Energy has granted Rivian a $6.6 billion conditional loan to build a manufacturing facility in Georgia, contingent on meeting technical, legal, environmental, and financial requirements.
The facility, projected to begin operations in 2028, will focus on producing Rivian's midsize R2 SUVs and R3 crossovers, which are designed to be more affordable than its current luxury models.
The project is expected to create 7,500 operational jobs and 2,000 construction jobs, with an annual production capacity of 400,000 vehicles upon completion of its two-phase development.
This loan follows Rivian's earlier financial struggles, which led to a temporary halt in construction and a shift to producing its R2 vehicles at its Illinois plant to save costs.
The loan approval comes as the Biden administration pushes to bolster U.S. EV manufacturing, though its completion faces uncertainty due to the incoming Trump administration's differing policy priorities.