Rivian Automotive has received a conditional commitment from the U.S. Department of Energy’s (DOE’s) Advanced Technology Vehicle Manufacturing (ATVM) Loan Program. The $6.6 billion loan will be used to support the construction of Rivian’s next facility in Stanton Springs North, Georgia, and help accelerate the company’s growth in the design, development and manufacturing of electric vehicles. According to the company, the DOE loan would aid in the production of its R2, a midsize SUV, and R3/R3X, a midsize crossover.
The new facility will be built in two phases. Each phase will feature 200,000 units of annual production capacity. Phase one is expected to be completed in 2028, with the company creating 7,500 operations jobs through 2030.
What people are saying
In a recent quote, Rivian Founder and CEO RJ Scaringe said, “This loan will help create thousands of new American jobs and further strengthen U.S. 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 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.”
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Investing in American manufacturing in 2024
This map shows where manufacturers are choosing to invest their resources, whether they are building new production facilities or expanding existing plants.