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Rivian and the Department of Energy havefinalizeda $ 6.6 billion loan announced inNovemberwith just a few solar day left until Donald Trump ’s inaugural . The company will use the loanword to aid establish out its plan mill in Georgia , due east of Atlanta , with expression beginning in 2026 . The first R2 sport utility are schedule to come off the seam in 2028 .
The loanword comes from the Advanced Technology Vehicle Manufacturing ( ATVM ) course of study , part of the DOE ’s Loan Programs Office . ATVM is most well - known as the plan that generate Tesla a $ 465 million lifeline in 2009 .
Rivian ’s loanword drew criticism from Vivek Ramaswamy , who is hypothecate to be co - leading the so - called “ department of political science efficiency ” with Elon Musk after Trump takes office . Ramaswamysaidhe’d look to claw back the loan , though it is unclear how he would try that , and neither he nor Musk have explain exactly how they be after to structure and function their fresh effort .
The loanword comes in two tranche , which Rivian enunciate it will habituate to fund the two stages of buildout it ’s planning in Georgia . Rivian can borrow up to $ 3.35 billion in the first tranche , and up to $ 2.62 billion in the second tranche . ( The remaining $ 600 million run toward excrete interest on the loan . )
Rivian has 52 months to set off draw money from theagreement . It has also made a number of promises to the Energy Department that it must fulfil to get at the funds . The caller has to sell at least a sure bit of the approaching R2 S.U.V. that will be build at its Normal , Illinois factory . ( The exact number is edit in the loan agreement . ) It also has to hit sure product pattern milestones on the R2 and R3 hatchback .
Rivian announced plans for the Georgia factory in December 2021 , just a few hebdomad after the troupe ’s blockbuster initial public offering . It originally claimed that it would start output at the yet - to - be - work up facility in 2024 . But last year , in a bid to shorten price , Rivian intermit construction on the manufacturing plant and decided to progress the R2 in Illinois alternatively . Armed with the DOE loanword , Rivian now believes it can roll new vehicles off the line at the plant four year subsequently than originally planned .
