Rivian Secures $6.6 Billion Federal Loan for Georgia Factory Amid Production Challenges
Nov/27/2024
The U.S. government has approved a $6.6 billion loan for Rivian to establish a new factory in Georgia dedicated to manufacturing smaller and more affordable R2 SUVs and R3 crossovers, with production slated for 2028. While the loan represents a significant investment in electric vehicle (EV) production, Rivian must first meet stringent technical, legal, environmental, and financial conditions, including a commitment not to oppose unionization efforts at the new site—though union operations are not guaranteed. This support comes as Rivian faces a steep 50% decline in stock value this year, grappling with production bottlenecks, a parts shortage, and cost-cutting struggles. The announcement coincides with uncertainty over the incoming administration’s stance on EV policies, potentially reshaping the industry’s regulatory environment. The tag cloud below highlights Rivian’s registered and pending trademarks in the U.S. with related product classes.
