American EV maker Rivian just announced that it has received a commitment from the US Department of Energy (DOE) for a loan totaling $6.6 billion. This is thanks to the DOE’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program. This includes a principal loan of $6 billion and approximately $600 million of capitalized interest.
The company says it will use this money to “to accelerate its growth and leadership of electric vehicle design, development and manufacturing in the United States.” Rivian fans can guess what that means. The Georgia manufacturing plant is back on the table, after the company halted construction to save money back in March.
If finalized, the loan will support continued construction of its manufacturing facility near Social Circle, Georgia. This plant will be used “for production of the company’s midsize platform,” which includes the forthcoming R2 SUV and the absolutely stunning R3/R3X line.
“Designed, engineered, and built in America
