Rivian Automotive, an American all-electric vehicle (EV) manufacturer, has secured a conditional commitment for a loan of up to $6.6bn from the US Department of Energy (DoE).
Received under the DoE’s Advanced Technology Vehicle Manufacturing (ATVM) loan programme, the conditional commitment comprises $6bn of principal and around $600m of capitalised interest.
The funding is intended to accelerate Rivian Automotive’s growth in EV design, development, and manufacturing across the US.
Once finalised, the loan will also support the construction of Rivian Automotive’s next manufacturing facility in Stanton Springs North, Georgia, near Social Circle. This facility is expected to expand the company’s domestic production capacity to meet demand in both the US and international markets.
The financing will help the company produce its midsize platform, which underpins its R2 SUV and R3/R3X crossover vehicles.
These models are expected to play a pivotal role in Rivian Automotive’s long-term growth and profitability, offering a combination of capability, performance, and pricing.
The Georgia facility is intended to be built in two phases, each adding an annual production capacity of 200,000 units, for a total of 400,000 units. The first phase of production is anticipated to begin in 2028.
Rivian Automotive aims to generate around 7,500 operational jobs by the end of the decade, along with 2,000 full-time construction jobs.
Rivian Automotive founder and CEO RJ Scaringe said: “This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology.
“This loan would enable Rivian to more aggressively scale our US manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasise both capability and affordability. A robust ecosystem of US companies developing and manufacturing EVs is critical for the US to maintain its long-term leadership in transportation.”
The new plant will employ advanced construction techniques and environmental management practices along with preserving surrounding natural spaces.
Rivian Automotive must meet various technical, legal, environmental, and financial conditions before the financing is finalised. If approved, the loan would be secured by project assets and guarantees from the company and its subsidiaries.
