Rivian Secures $6.6 Billion DOE Loan for Georgia Plant Construction; Shares Rise After Hours

MT Newswires Live

17 Jan

Rivian Automotive (RIVN) said late Thursday it closed a loan agreement with the US Department of Energy for up to $6.6 billion to back the construction of a plant in Stanton Springs North, Georgia.

The loan will be divided into two phases for Rivian's Georgia facility, with the first phase expected to reach up to $3.4 billion and the second phase up to $2.6 billion.

Construction is slated to start in 2026 with production of customer vehicles expected to take place in 2028, Rivian said.

The company's shares were rising past 5% in after-hours trading.

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