Rivian Gets $6.6 Billion DOE Loan To Fund Georgia Factory
In March, Rivian announced it would pause construction of its Georiga plant to speed up current production and save the company money.
Now, the company has taken a $6.6 billion loan from the Department of Energy to finish the factory. Initially, production paused with the company saying that the stoppage would save some $2.25 billion in capital when it burned cash rapidly and failed to hit production targets.
Tides appear to have changed, and the plant, once through its first phase of construction, should produce some 200,000 vehicles annually, per the AP.
After the second phase is complete, another 200,000 Rivians should be rolling off the assembly line. This includes Rivian’s upcoming R2 SUV, marketed as the brand’s more affordable, smaller SUV. Rivian’s loan comes as the Biden Administration exits the White House, with the Trump Administration set to take over in January.
The new administration has taken a hard stance on EVs, promising to axe tax incentives. It isn’t clear where the Trump Administration will stand on the significant loan should it fail to be completed before inauguration day on January 20th.Â
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Chase is an automotive journalist with years of experience in the industry. He writes for outlets like Edmunds and AutoGuide, among many others. When not writing, Chase is in front of the camera over at The Overrun, his YouTube channel run alongside his friend and co-host Jobe Teehan. If he's not writing reviews of the latest in cars or producing industry coverage, Chase is at home in the driver's seat of his own (usually German) sports cars.
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Colossal waste of money. ~2 years ago, Ford's CEO bragged that 500,000 Lightnings would be "roll off the assembly line" in 2025. This is a US government bailout of Saudi "investors" that have lost billions on Rivian. Probably some deal involving skullduggary with Iran.