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Rivian said late Monday it had secured a conditional commitment for a $6.6 billion loan from the Department of Energy, money that will help the electric car maker rebuild a massive factory in Georgia.
The money will come from the Department of Energy’s Advanced Technology Vehicle Manufacturing Loan Program. Rivian said it expects to begin operations at the Georgia plant in 2028, four years later than originally planned. The plant is scheduled to employ 7,500 people by the end of 2030, a number tied to an incentive package approved several years ago by Georgia’s Ministry of Economic Development.
In December 2021, Rivian announced plans to build a second factory east of Atlanta, which the company said would double the annual production capacity of its factory in Normal, Illinois, and its construction cost is estimated at about $5 billion. At the time, Rivian said the Georgia plant would have a targeted annual production capacity of 400,000 vehicles per year and would begin production in 2024. The company received a $1.5 billion incentive package to build a plant in Georgia. According to the documents To the state Department of Economic Development.
Facing a cash crunch, Rivian temporarily halted construction at the plant and changed its plans to build the next-generation R2 vehicle there. Instead, Rivian announced in March 2024 during the R2 reveal that the new electric vehicle would be produced at the automaker’s Normal plant in Illinois. This transformation will save the company $2.25 billion.
A few months later, Rivian received $827 million in incentives from the state of Illinois to support construction of the R2 at the Normal plant.
The federal loan program has supported a number of companies in recent years for electric vehicle-related projects, including A $9.2 billion conditional commitment in June to support Ford’s joint venture with SK to finance two battery factories in the United States.
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