Rivian Automotive Inc. announced that it received a conditional loan of up to $6.6 billion from the United States Department of Energy's (DOE) Advanced Technology Vehicle Manufacturing (ATVM) Loan Program to boost its growth and strengthen its position in the electric vehicle market in the US.
If approved, the loan would facilitate the construction of Rivian's next facility in Stanton Springs North, Georgia. The company plans to build the facility in two phases, each resulting in 200,000 units of annual production capacity, with Phase 1 projected to begin in 2028. Rivian anticipates the project will generate around 7,500 operational jobs by 2030 at the new manufacturing site in Georgia, alongside 2,000 full-time construction jobs.
The DOE and Rivian must satisfy certain technical, legal, environmental, and financial conditions before the automaker can secure the loan. If finalized, the total amount would comprise $6 billion of principal and about $600 million of capitalized interest.
