"Rivian has reworked its loan deal with the Department of Energy and now expects to borrow $4.5 billion to build its new factory in Georgia, down from the original amount of $6.6 billion allocated under the Biden administration."
"The larger capacity - a 50% increase over its initial plans - will help lower its per unit costs, while also providing significant room for future expansion of capacity in later phases, the company said Thursday."
"Some of the factory's capacity will be used to produce R2 robotaxis for Uber. Under a deal struck earlier this year, Uber made an initial $300 million investment in Rivian and is expected to purchase 10,000 fully autonomous R2 robotaxis ahead of a planned rollout in San Francisco and Miami in 2028."
"The company generated $1.38 billion in revenue, with $908 million coming from vehicle sales and $473 million from software and services."
Rivian has revised its loan agreement with the Department of Energy, reducing the amount to $4.5 billion for its Georgia factory. The company plans to increase the plant's capacity from 200,000 to 300,000 vehicles, enhancing cost efficiency and future expansion. Some production will focus on R2 robotaxis for Uber, which has invested $300 million and plans to purchase 10,000 units. Rivian began construction on the factory and expects vehicle production to start by late 2028, while initial R2 deliveries to employees have already begun.
Read at TechCrunch
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