Rivian stated late Monday it has secured conditional dedication for a $6.6 billion mortgage from the Division of Vitality, funds that may assist the EV maker restart building of an enormous manufacturing unit in Georgia.
The funds will come from DOE’s Mortgage Packages 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 top of 2030, a determine that’s tied to an incentives package deal permitted a number of years in the past by Georgia’s Division of Financial Growth.
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 value 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 autos a yr and start manufacturing of its next-generation EVs in 2024. The corporate landed a $1.5 billion incentives package deal to construct manufacturing unit in Georgia, in line with paperwork to the state’s Division of Financial Growth.
Confronted with a money crunch, Rivian paused building on the manufacturing unit and adjusted plans to construct its next-generation R2 midsize SUV there. As a substitute, Rivian introduced in March 2024 throughout the R2 reveal that the brand new EV could be produced at its Regular, Illinois, manufacturing unit. That shift was projected to save lots of the corporate $2.25 billion.
A couple of 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 a lot of firms in recent times for EV-related initiatives, together with $465 million to Tesla in 2009, a $9.2 billion conditional dedication in June to help a Ford three way partnership with SK to finance two battery factories in the USA and a $2 billion mortgage to assist battery supplies and recycling startup Redwood Supplies finance the expansion and enlargement of its headquarters in Nevada.
