Biden Grants Rivian $6.6B Loan to Revive Stalled Georgia EV Factory

Source: Newsweek

On Tuesday, the Biden administration announced a $6.6 billion loan to Rivian Automotive from the U.S. Department of Energy, aimed at resuming construction of the company's paused factory in Georgia.

The loan is a critical step for the electric vehicle (EV) maker, which had halted work on the plant after struggling to become profitable. The project's future now depends on the loan's completion before the upcoming presidential transition.

Rivian, which gained attention after producing large electric SUVs, pickup trucks, and delivery vans, had planned to build a $5 billion factory near Social Circle, Georgia, to produce smaller, more affordable R2 vehicles.

The first phase of the factory was set to produce 200,000 vehicles annually, with a second phase planned to double that number.

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Read more: https://www.newsweek.com/biden-grants-rivian-6-6-billion-revive-stalled-georgia-ev-factory-1991987