Rivian Secures $6.6 Billion Conditional Loan Approval to Build Electric Vehicle Plant in Georgia

Rivian announced that it has received a conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to construct its manufacturing facility in Georgia. The company plans to launch the Georgia plant, which will produce future vehicles such as the smaller, more affordable R2 SUV and the R3 crossover, in 2028.

Rivian's shares have fallen by approximately 50% this year as the young company struggles to produce its larger electric SUVs and trucks while also grappling with parts shortages and attempts to cut costs. Earlier this year, Rivian halted construction of the Georgia factory to conserve cash and expedite the production of the R2, which is deemed critical for Rivian's success amid a slowdown in electric vehicle growth. Instead, the company decided to build the R2 at its Normal, Illinois plant, where it produces its flagship R1S SUV and R1T truck, planning to do so by 2026.