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Rivian say late Monday it has secured conditional commitment for a $ 6.6 billion loan from the Department of Energy , funds that will help the EV maker restart construction of a monumental factory in Georgia .
The fund will add up from DOE ’s Loan Programs Office Advanced Technology Vehicle Manufacturing Loan Program . Rivian say it look to begin operations at the Georgia factory in 2028 — four years afterward than in the first place project . The factory will employ 7,500 people by the end of 2030 , a figure that is tied to an incentives package approve several years ago by Georgia ’s Department of Economic Development .
Rivian announced in December 2021 plans to build a 2d mill due east of Atlanta that the company said would have double the one-year production mental ability of its flora in Normal , Illinois , and cost an figure $ 5 billion to progress . At the time , Rivian said the Georgia factory would have a targeted yearly production capacity of 400,000 vehicles a yr and begin production of its next - generation EVs in 2024 . The society set down a$1.5 billion incentivespackage to build factory in Georgia , according to documentsto the nation ’s Department of Economic Development .
Faced with a cash crunch , Rivian paused construction on the factory and changed architectural plan to build its next - coevals R2 midsize SUV there . alternatively , Rivian annunciate in March 2024during the R2 revealthat the fresh EV would be produced at its Normal , Illinois , manufactory . That shift was project to pull through the troupe $ 2.25 billion .
A few months later , Rivian was awarded $ 827 million in incentives from the United States Department of State of Illinois to support building its R2 at the Normal plant .
The Union loans program has support a act of companies in late age for EV - related projection , including$465 millionto Tesla in 2009 , a$9.2 billion conditional commitmentin June to support a Ford joint speculation with SK to finance two barrage fire factories in the United States , and a$2 billion loanto assist electric battery material and recycling startup Redwood Materials finance the maturation and expansion of its headquarters in Nevada .
