Rivian secures $6.6 billion loan for Georgia EV factory

Electric vehicle (EV) manufacturer Rivian has secured a $6.6 billion loan from the US Department of Energy (DOE) to develop a large-scale manufacturing plant in Georgia.

The loan, issued through the DOE’s Advanced Technology Vehicle Manufacturing Loan Program, will fund the construction and operation of the new facility.

The Georgia plant is now scheduled for completion in 2028, four years later than initially planned. Once operational, the facility is expected to employ 7,500 workers by 2030, as part of an incentive agreement with Georgia’s Department of Economic Development.

Rivian first announced its plans for the factory in 2021, intending to build it east of Atlanta at an estimated cost of $5 billion. The plant aims to enhance Rivian’s production capacity, supplementing its existing facility in Normal, Illinois. Rivian’s goal is to produce 400,000 units annually, with the Georgia factory focusing on next-generation EV models.

In addition to the federal loan, Rivian received a $1.5 billion incentive package from Georgia’s Department of Economic Development to support the factory’s construction.

This expansion marks a significant step in Rivian’s mission to scale up its operations and meet growing demand in the EV market.

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