Rivian Automotive Inc. said it closed its loan agreement with the U.S. Department of Energy’s Loan Programs Office for up to $6.6 billion in financial support to construct its next manufacturing facility in Stanton Springs North, near the City of Social Circle, Georgia.
These funds, approved in the final days of the Biden administration, will create 7,500 manufacturing jobs and hasten the volume expansion of the company’s new R2 SUV and R3 crossover. Construction is expected to begin in 2026 with the production of customer vehicles expected to take place in 2028.
“This loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state,” Rivian Founder and Chief Executive RJ Scaringe said in a statement.
Rivian has already begun hiring for construction and management roles, with multiple open positions statewide. Recruitment is expected to ramp quickly as facility construction approaches.
Shares of Rivian were little changed at $14.46 and a $14.8 billion market cap (Nasdaq: RIVN).