Rivian secures $6.6 billion loan from the Department of Energy for manufacturing facility in Georgia
On Thursday, Rivian Automotive announced that the company has reached a loan agreement with the U.S. Department of Energy's Loan Programs Office. The agreement will provide funding support of up to $6.6 billion (including $6 billion in principal and approximately $600 million in capitalized interest) for the construction of Rivian's next manufacturing plant in Georgia, which aims to accelerate the production expansion of the new R2 SUV and R3 crossover. Construction of the plant is expected to begin in 2026, with production of customer vehicles anticipated to start in 2028. To finalize this loan, Rivian and the U.S. Department of Energy have been closely collaborating for over two years. The loan will encompass two phases for Rivian's Georgia plant. Excluding capitalized interest, the loan amount for the first phase is expected to reach $3.4 billion, while the second phase is expected to reach $2.6 billion. Rivian's stock rose 3.6% in U.S. trading on Thursday, and as of the time of writing, the stock is up 3.6% in pre-market trading
According to Zhitong Finance APP, on Thursday, Rivian Automotive (RIVN.US) announced that the company has reached a loan agreement with the U.S. Department of Energy's Loan Programs Office. The agreement will provide funding support of up to $6.6 billion (including $6 billion in principal and approximately $600 million in capitalized interest) for the construction of Rivian's next manufacturing plant in Georgia, which aims to accelerate the production expansion of the new R2 SUV and R3 crossover.
Construction of the plant is expected to begin in 2026, with production of customer vehicles anticipated to start in 2028. To finalize this loan, Rivian and the U.S. Department of Energy have been closely collaborating for more than two years.
The loan will encompass two phases for Rivian's Georgia plant. Excluding capitalized interest, the loan amount for the first phase is expected to reach $3.4 billion, while the loan amount for the second phase is expected to reach $2.6 billion.
Rivian's stock rose 3.6% in U.S. trading on Thursday, and as of the time of writing, the stock is up 3.6% in pre-market trading