Rivian Automotive has received a conditional $6.6 billion loan commitment from the Department of Energy, which will aid the company to get its stalled electric vehicle factory project in Georgia back on track, the company announced Monday.
The funds, through the DOE’s Advanced Technology Vehicle Manufacturing Loan Program, would help the company resume construction of its $5 billion Georgia EV plant, which was halted in March. The release did not disclose a timeline when the loan would be finalized, though the DOE website notes funding will be available through September 2028.
“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,” Rivian founder and CEO RJ Scaringe said in the release.
Rivian stopped construction of its Georgia EV plant to save more than $2.25 billion. The company then shifted R2 production to its plant in Normal, Illinois to get the vehicle to market faster, where it expects the first models to roll off the assembly line the first half of 2026.
The loan announcement follows the launch of a joint venture between Rivian and Volkswagen Group. Through the partnership, the automakers will develop electrical/electronic architecture and software for electric vehicles that will be shared and used in vehicles made by each company.
While the conditional commitment indicates intent to finance the project, certain technical, legal, environmental and financial conditions must still be met before the government funds the loan, the company said.
But the government cash infusion fast tracks Rivian’s plan to scale domestic EV production to support manufacturing of its R2, a midsize SUV, and the R3/R3X, a midsize crossover.
Rivian said its plan for the Georgia factory consists of two phases. Phase one of the project is expected to start production in 2028 with annual capacity of 200,000 units, the company said. The company did not disclose when phase two of the project would be completed.
Once the factory is finished, its annual production capacity in Georgia will double to 400,000 units, according to the press release. Rivian projects the operation will create 7,500 jobs through 2030.
Rivian will also continue producing vehicles in Normal after production starts in Georgia, the company said.
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” Scaringe said.
