American electric vehicle manufacturer Rivian Automotive announced that it has received a conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program for a loan of up to $6.6 billion. This includes $6 billion in principal and approximately $600 million in capitalized interest. The loan aims to accelerate Rivian’s growth in the design, development, and manufacturing of electric vehicles in the United States.
If finalized, the loan will support the construction of Rivian’s next facility in Stanton Springs North, near Social Circle, Georgia. This expansion will significantly increase the company’s domestic production capacity to meet demand in both the U.S. and international markets. The funding is earmarked for the production of Rivian’s midsize platform, which includes the R2 midsize SUV and the R3/R3X midsize crossover. These vehicles are designed, engineered, and built in America, offering a combination of capability, functionality, performance, and affordability. Rivian believes the R2 and R3 lines will be critical drivers of its long-term growth and profitability.
The Department of Energy’s loan is expected to bolster the U.S. automotive industrial base by enabling significant job creation and investment, which is essential for the country to maintain its leadership in the strategically important electric vehicle industry.
Rivian plans to build the Georgia facility in two phases, each adding 200,000 units of annual production capacity, for a total of 400,000 units per year. Phase 1 is expected to begin production in 2028. The company anticipates creating approximately 7,500 operational jobs by 2030 at the new manufacturing site.
Additionally, around 2,000 full-time construction jobs will be created, utilizing the region’s skilled workforce and strengthening the domestic EV ecosystem. These jobs complement the thousands already created at Rivian’s existing plant in Normal, Illinois, which has positively impacted the local and regional economy.
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” said Rivian Founder and CEO RJ Scaringe. “This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability. A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.”
The new facility will feature modern construction techniques and advanced environmental management, all while preserving natural spaces and investing in the surrounding communities.
Over its history, the Department of Energy’s loan program has energized American EV manufacturing with significant financing, including loans to industry giants like General Motors and Tesla.
Final approval of the loan is contingent upon Rivian and the Department of Energy satisfying certain technical, legal, environmental, and financial conditions. If finalized, the loan would be secured by all project assets and guarantees from Rivian Automotive, Inc. and certain subsidiaries.
About Rivian
Rivian is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. The company creates innovative and technologically advanced products designed for work and play, aiming to accelerate the global transition to zero-emission transportation and energy.
Rivian vehicles are built in the United States and sold directly to consumer and commercial customers. The company offers a full suite of services that address the entire lifecycle of the vehicle, staying true to its mission to keep the world adventurous forever. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles share a common goal—preserving the natural world for generations to come.
Source: BusinessWire
