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Rivian applies for federal loan to restart Georgia EV factory construction
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Rivian applies for federal loan to restart Georgia EV factory construction
Oct 5, 2024 7:33 AM

Oct 4 (Reuters) - Rivian Automotive ( RIVN ) has applied

for a federal loan to enable the construction of its electric

vehicle factory in Georgia, according to a filing by the

Department of Energy.

The EV maker had paused construction of its planned $5

billion factory in Georgia to prioritize speeding up production

of vehicles on the R2 midsize platform and conserving cash.

The facility is scheduled to begin partial operations in the

third quarter of 2027, with the first production capacity block

reaching full operation in 2028, the filing said.

Earlier in the day, the Amazon-backed EV firm

lowered its annual production forecast and missed third-quarter

deliveries expectations due to a parts shortage and a slowdown

in EV demand.

Rivian did not immediately respond to a request for comment.

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