Rivian Wins $6.6B Loan from Dept. of Energy

Rivian Automotive Inc. (Nasdaq: RIVN) will receive a loan of up to $6.6 billion from the U.S. Department of Energy (DOE), upon conditional commitment, which will go towards the construction of its next manufacturing facility in Stanton Springs North in Georgia.  

Funding from the DOE’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program, if finalized, would support the production of Rivian’s midsize platform, which underpins its upcoming vehicles – the R2, a midsize SUV, and the R3/R3X, a midsize crossover. 

The new manufacturing plant will be built in two phases, starting with 200,000 units of annual production capacity for each and ending with a total annual capacity of 400,000 units. The first phase is expected to start production in 2028.  

The Irvine-based EV maker is expected to create approximately 7,500 operations jobs through 2030 at the facility in Georgia in addition to 2,000 expected full-time construction jobs.  

“A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation,” Chief Executive RJ Scaringe said in a statement. 

Rivian is the largest automaker in OC ranked by local headcount, according to Business Journal research. The Irvine manufacturer counts a market cap of $12 billion.