Rivian announced it has secured a conditional commitment for a $6.6 billion loan from the DOE to resume construction of its Georgia factory, slated for 2028.
The Georgia factory is expected to eventually employ 7,500 people by 2030, aided by an incentives package from the Georgia Department of Economic Development.
Initially planned for 400,000 vehicles annually, Rivian's Georgia factory faced delays as the company opted to shift its R2 vehicle production to Illinois, saving $2.25 billion.
The loan from DOE's ATVM program follows the trend of federal support for EV initiatives, highlighted by Ford's recent $9.2 billion loan for battery factory projects.
Collection
[
|
...
]