- Following on from the news last year that Rivian had been granted a conditional loan from the U.S. Department of Energy to create an EV plant in the U.S. state of Georgia, the loan agreement has now been finalised.
- The loan will be worth up to $6.6 billion, supporting Rivian’s plans to construct its new EV factory, which will create 7,500 manufacturing-related jobs, and help increase volume production of its R2 and R3 models.
- Construction of the site will be underway in 2026, with the first Rivian EVs rolling out from the factory in 2028.
Rivian pushes further on EVs with new planned factory
With Rivian also planning to expand its passenger car offerings to Europe in the near future, this extra production capacity from the planned Georgia facility will be a welcome addition – with the Department of Energy noting that the factory will ‘accelerate access to international markets’. Annually, the facility is set to have an annual production capacity of around 400,000 EVs once up and running at full speed.
Hiring for some positions at the location is already underway. The confirmation of the loan also comes just days before President-elect Trump’s inauguration – with the industry still unsure on the line Trump will take when it comes to U.S. government-led loans for EV projects such as this Rivian facility.
Rivian Founder and CEO, RJ Scaringe, said:
“This loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state. People are incredibly excited to get behind the wheel of our new models, and this additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry.”
