Rivian Secures $6.6 Billion DOE Loan for Georgia EV Plant

The funding will support the construction of a new factory to produce Rivian's upcoming R2 and R3 models, creating thousands of jobs in the process.

Rivian finalized a $6.6 billion loan agreement with the U.S. Department of Energy to fund its second electric vehicle manufacturing plant in Georgia.
The facility will focus on producing Rivian's more affordable midsize R2 SUVs and R3 crossovers, with construction starting in 2026 and production expected by 2028.
The project is set to create 7,500 permanent jobs and an additional 2,000 construction jobs in Georgia, bolstering local economic growth.
The DOE loan is part of its Advanced Technology Vehicle Manufacturing program, which aims to support cleaner transportation solutions in the U.S.
Rivian's stock rose over 4% following the announcement, with analysts noting the importance of the new facility for the company’s long-term growth and profitability.