:max_bytes(150000):strip_icc()/GettyImages-2184633827-6cd62a11adf54bc1b6b827b052b54e06.jpg?w=1500&resize=1500,949&ssl=1 "Rivian Stock Rises as EV Maker Finalizes .6B DOE Loan to Build Georgia Plant | Global News Avenue")
Rivian Stock Rises as EV Maker Finalizes $6.6B DOE Loan to Build Georgia Plant
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Main points
- Rivian Automotive shares rose on Friday, a day after the electric car maker announced it had finalized a federal loan worth up to $6.6 billion to build a factory in Georgia.
- Factory – to be built soon Rivian said it will be “less than an hour’s drive from downtown Atlanta” and will be used to accelerate production of the electric carmaker’s new R2 SUV and R3 crossover.
- The company expects to begin construction in 2026 and start production in 2028.
Rivian Automobiles (Rivigne) shares rose on Friday, a day after the electric car maker announced it had finalized a federal loan worth up to $6.6 billion to build a factory in Georgia.
The company said funding from the Department of Energy’s Office of Loan Programs will include $6 billion principal and approximately $600 million capitalized interest.
Rivian plans to open a manufacturing facility in Stanton Springs North near Social Circle, Georgia, which the company noted is “less than an hour’s drive from downtown Atlanta.” Rivian said it will be used to accelerate production of the new R2 SUV and R3 crossover “while supporting the creation of 7,500 new manufacturing jobs.”
“Additional capacity for our mass-market products is critical to U.S. leadership in the electric vehicle industry,” said Rivian founder and CEO RJ Scaringe.
Rivian expects to begin construction in 2026
Construction is expected to begin in 2026, with production starting in 2028.
Shares of Rivian Automotive were up 3% on Friday morning, but have fallen more than 10% in the past year.
trading view
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