Rivian's goal to become a household name is being supercharged thanks to the awarding of a $6.6 billion grant from the U.S. Department of Energy's Loan Programs Office.
A huge cash infusion like this is Rivian's key to wrapping up its much-needed factory expansion. The automaker first announced its plans to build the production facility back in 2021.
However, Rivian announced earlier this year that it was delaying the factory and would begin production of the R2 in Normal, Illinois instead—a move which concerned investors.
If finalized, the loan would support the construction of Rivian's next facility in Stanton Springs North, substantially expanding the company's domestic production capacity to support demand.
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