Rivian Automotive has secured conditional loan of up to $6.6bn from the US Department of Energy (DOE) to support the construction of a new electric vehicle (EV) manufacturing facility in Georgia.
The loan, which includes $6bn of principal and capitalised interest of $600m, forms part of the US DOE’s Advanced Technology Vehicle Manufacturing Loan Program.
Go deeper with GlobalData
Rivian expects the loan to help accelerate its growth plans.
Planned to be built near Social Circle, Georgia, the proposed Stanton Springs North facility will be designed to expand Rivian’s domestic production capabilities to meet both US and international demand.
Rivian’s new facility will be constructed in two phases, each contributing 200,000 units to the annual production capacity, culminating in a total of 400,000 units.
The facility will be equipped to produce midsize platform including the R2 SUV and the R3/R3X crossover models. The first phase is slated to begin production in 2028.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRivian founder and CEO RJ Scaringe said: “This loan will help create thousands of new American jobs and further strengthen US leadership in EV manufacturing and technology.
“This loan would enable Rivian to more aggressively scale our U.S. 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.”
Rivian expects to generate approximately 7,500 operations jobs by 2030 at the Georgia manufacturing site. This is in addition to 2,000 construction jobs.
The manufacturing facility will use advanced construction techniques, with focus on environmental management, and preserving natural areas.
In June 2024, Rivian and Volkswagen Group announced plans to form a joint venture to develop software defined vehicle (SDV) platforms for both companies’ future electric vehicles.
