Rivian Secures $6.6 Billion Federal Loan for Georgia EV Factory
Rivian wins a conditional $6.6 billion Department of Energy loan to restart construction on its paused Georgia factory. The plant is now expected to open in 2028 and eventually employ 7,500 workers.
Rivian secures a conditional commitment for a $6.6 billion loan from the Department of Energy to restart construction on its massive Georgia factory. The funding comes from the DOE's Advanced Technology Vehicle Manufacturing Loan Program, which previously supported major EV projects at Tesla and Ford. This financial boost allows the company to move forward with the project after pausing construction due to a cash crunch.
The electric vehicle maker now expects the factory east of Atlanta to begin operations in 2028, pushing back the original 2024 target by four years. Once fully operational, the plant is on track to employ 7,500 people by the end of 2030 to meet the requirements of a previous state incentives package. The facility is designed to produce up to 400,000 vehicles annually, effectively doubling Rivian's current output capacity from its Normal, Illinois plant.
Rivian originally planned to build its next-generation R2 SUV in Georgia but shifted that production to Illinois in March 2024 to save $2.25 billion. The revived Georgia factory will instead focus on future vehicle production beyond the R2. This latest federal loan continues a long tradition of the U.S. government backing domestic EV manufacturing, following recent multi-billion dollar commitments to joint battery ventures and recycling startups.