Rivian Automotive Gets Conditional Commitment for Up to $6.6 Billion Loan From US Energy Department-March 2024-www.financetom.com

Rivian Automotive Gets Conditional Commitment for Up to $6.6 Billion Loan From US Energy Department

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Rivian Automotive Gets Conditional Commitment for Up to $6.6 Billion Loan From US Energy Department

Nov 26, 2024 2:23 AM

05:05 AM EST, 11/26/2024 (MT Newswires) -- Rivian Automotive ( RIVN ) said late Monday it received a conditional commitment for a loan of up to $6.6 billion under the US Department of Energy's Advanced Technology Vehicle Manufacturing program.

The company said the loan, once finalized, will support the construction of its next facility in Georgia and fund the production of its midsize electric vehicle platform.

Rivian plans to build the facility in two phases, each resulting in 200,000 units of annual production capacity, and expects to create about 7,500 operational jobs through 2030 at the new facility.

The company said it aims to start production under phase 1 of the project in 2028.

Shares of Rivian gained 6% in premarket activity Tuesday.

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