Rivian, an American EV manufacturer, has just revealed this A loan from the US Department of Energy (DOE) totaling $6.6 billion. This is thanks to the DOE’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program. This includes $6 billion in principal and approximately $600 million in capitalized interest.
The company said it will use the money to “accelerate its growth and leadership in electric vehicle design, development and manufacturing in the United States.” Rivian fans can guess what that means. After the company, the production plant in Georgia again sat on the table back in March.
If finalized, the loan will support continued construction of a manufacturing facility near Social Circle, Georgia. The plant will be used “for the production of the company’s mid-size platform,” which includes the upcoming R2 SUV and car. .
“Designed, engineered and built in America to provide an incredible combination of capability, function, performance and value, Rivian believes its R2 and R3 vehicle lines will be critical to the company’s long-term growth and profitability.” in a press release.
Rivian says it will bring about 7,500 operations jobs to the area, along with 2,000 construction jobs. The plant will be able to produce 400,000 vehicles annually, which will support Rivia’s continued expansion in both the U.S. and foreign markets. The current plan calls for the construction of the facility in two phases, with the first phase (estimated at 200,000 vehicles per year) opening in 2028.
This will not affect production at the company’s current plant in Normal, Illinois. However, it is an object so maybe it can stop to slow down a bit.
We have been overwhelmed by the wonderful response to our new vehicles: the R2, R3 and R3X.
We received over 68,000 R2 bookings in less than 24 hours. We’re thrilled to see this car resonate so strongly in our community! pic.twitter.com/tEIBhwlJQC
— RJ Scaringe (@RJScaringe) March 8, 2024
The loan is not yet complete because “DOE and the company must satisfy certain technical, legal, environmental and financial conditions before the Department of Energy signs the final financing documents and funds the loan.” The ATVM Loan Program is quite popular in the EV space, as it is primarily a loan Thanks to this loan, Tesla can continue building the internet’s favorite punching bag. and a bunch . No wonder Rivian pre-order numbers.
