Rivian gets $6.6 bln conditional loan approval to build Georgia EV plant

Abhirup Roy - Reuters - 26/11
Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.
  • Rivian had paused Georgia plant, shifted planned initial R2 production to Illinois
  • Rivian shares down 50% this year due to production struggles and part shortage
  • R2 production seen critical to Rivian's success amid a slowdown in EV growth
SAN FRANCISCO, Nov 25 (Reuters) - Rivian (RIVN.O), opens new tab said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.
Operation of the Georgia plant, where Rivian plans to build future vehicles such as its smaller, less expensive R2 SUVs and R3 crossovers, will begin in 2028, the California-based startup said in a statement. Rivian shares are down about 50% this year as the young company has struggled to produce its roomy electric SUVs and pickup trucks while grappling with a part shortage, and has pushed to slash costs.
To conserve cash and hasten the production of R2 - seen critical to Rivian's success amid a slowdown in EV growth - Rivian paused construction of the Georgia plant earlier this year.
It instead decided to start building R2 in 2026 at its Normal, Illinois plant where it makes its flagship R1S SUVs and R1T pickup trucks.
"This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capabilit...
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