Rivian stated late Monday it has secured conditional dedication for a $6.6 billion mortgage from the Division of Power, funds that may assist the EV maker restart development of an enormous manufacturing unit in Georgia.
The funds will come from DOE’s Mortgage Applications Workplace Superior Know-how Car Manufacturing Mortgage Program. Rivian stated it expects to start operations on the Georgia manufacturing unit in 2028 — 4 years later than initially deliberate. The manufacturing unit will make use of 7,500 by the tip of 2030, a determine that’s tied to an incentives bundle accepted a number of years in the past by Georgia’s Division of Financial Improvement.
Rivian introduced in December 2021 plans to construct a second manufacturing unit east of Atlanta that the corporate stated would have double the annual manufacturing capability of its plant in Regular, Illinois and price an estimated $5 billion to construct. On the time, Rivian stated the Georgia manufacturing unit would have a focused annual manufacturing capability of 400,000 automobiles a yr and start manufacturing in 2024. The corporate landed a $1.5 billion incentives bundle to construct manufacturing unit in Georgia, in response to paperwork to the state’s Division of Financial Improvement.
Confronted with a money crunch, Rivian paused development on the manufacturing unit and adjusted plans to construct its next-generation R2 automobile there. As a substitute, Rivian introduced in March 2024 through the R2 reveal that the brand new EV can be produced at its Regular, Illinois, manufacturing unit. That shift will save the corporate $2.25 billion.
Just a few months later, Rivian was awarded $827 million in incentives from the state of Illinois to help constructing its R2 on the Regular plant.
The federal loans program has supported quite a few corporations lately for EV-related tasks, together with a $9.2 billion conditional dedication in June to help a Ford three way partnership with SK to finance two battery factories in the US.
