Rivian Automotive Inc. has received a conditional commitment from the US Department of Energy’s Advanced Technology Vehicle Manufacturing Loan Program for a $6.6 billion loan, including $6 billion in principal and $600 million in interest, to support the construction of a new facility in Georgia. This loan aims to accelerate Rivian’s growth in the electric vehicle sector by expanding its production capacity.
The Georgia plant, expected to commence operations in 2028, will produce the company’s midsize platform vehicles like the R2 SUV and R3/R3X crossovers, with an annual capacity of 400,000 units.
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This project, delayed from its original start date of 2024, is set to create 7,500 operational jobs and boost the US EV industry. Rivian had paused the construction earlier to cut costs, but the new funding will allow the company to restart and expand its facilities significantly.
The new factory will complement the existing plant in Illinois and support both domestic and international market demands.
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