Rivian has secured a $6.6 billion loan from the Department of Energy to build a factory in Georgia, with plans to produce R2 SUVs by 2028.
The loan, sourced from the ATVM program, allows Rivian to draw $3.35 billion in the first tranche and $2.62 billion in the second tranche to support construction.
Criticism from Vivek Ramaswamy highlights concerns over the loan's issuance, citing his plans to potentially claw back funds as he aims to enhance government efficiency.
Rivian must meet several milestones related to R2 and R3 product designs, as well as sales targets for its upcoming SUVs to access the loan.
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