Rivian Gets Up To $6.6 Bln Loan Commitment From U.S. Department Of Energy's ATVM Program

Rivian Automotive

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(RTTNews) - All-electric automaker Rivian Automotive (RIVN) announced late Monday that it has received conditional commitment from the U.S. Department of Energy's Advanced Technology Vehicle Manufacturing or ATVM Loan Program for a loan of up to $6.6 billion. The loan would support the construction of Rivian's next facility in Stanton Springs North, near the city of Social Circle, Georgia.

The committed loan, which includes $6 billion of principal and around $600 million of capitalized interest, aims to help accelerate the firm's growth and leadership of electric vehicle design, development and manufacturing in the United States.

If finalized, the loan would substantially expand the company's domestic production capacity to support demand from the United States and international markets.

The loan from DOE would provide significant funding for production of the company's midsize platform, which underpins the R2, a midsize SUV, and the R3/R3X, a midsize crossover.

Rivian intends to build the facility in two phases, each resulting in 200,000 units of annual production capacity, for a total of 400,000 units of annual capacity.

Phase 1 of the project is expected to start production in 2028. Rivian is expected to create around 7,500 operations jobs through 2030 at the future manufacturing facility in Georgia.