November 27, 2024 – Yesterday, local time in California, Rivian, the American pure electric vehicle company, announced that the U.S. Department of Energy has conditionally committed to providing a total loan of 6.6billionundertheATVM(AdvancedTechnologyVehiclesManufacturing)program.Thisloan,whichincludes6 billion in principal and $600 million in capitalized interest, is intended to support Rivian’s expansion plans.
If finally approved, the loan will finance the construction of Rivian’s new factory in Stanton Springs, Georgia, and significantly fund the production of its mid-size electric vehicle platform. This, in turn, is expected to expedite the design, development, and manufacturing of Rivian’s electric cars in the United States.
Rivian plans to build its new Stanton Springs factory in two phases, with each phase having an annual production capacity of 200,000 vehicles. The first phase is scheduled to start production in 2028. By 2030, the factory is expected to create approximately 7,500 operational jobs and 2,000 full-time construction positions.
RJ Scaringe, the founder, and CEO of Rivian, commented on the significance of this loan. He stated that it would contribute to the creation of thousands of new jobs in the United States and reinforce the country’s leadership in electric vehicle manufacturing and technology.
According to Scaringe, this loan enables Rivian to aggressively expand its manufacturing footprint in the U.S., focusing on producing affordable and high-performance R2 and R3 vehicles. He emphasized the importance of a robust ecosystem of electric vehicles developed and manufactured by American companies to maintain the U.S.’s long-term leadership in the transportation sector.
