Rivian Automotive receives $6.6B conditional commitment from DoE ATVM

Rivian Automotive (RIVN) announced it has received conditional commitment from the U.S. Department of Energy’s, or DOE, Advanced Technology Vehicle Manufacturing, or ATVM, Loan Program for a loan of up to $6.6B to accelerate its growth and leadership of electric vehicle design, development and manufacturing in the United States. If finalized, the loan would support the construction of Rivian’s next facility in Stanton Springs North, near the city of Social Circle, Georgia, substantially expanding the company’s domestic production capacity to support demand from the United States and international markets. This loan from DOE would provide significant funding for production of the company’s midsize platform, which underpins the R2, a midsize SUV, and the R3/R3X, a midsize crossover. Rivian intends to build the facility in two phases, each resulting in 200,000 units of annual production capacity, for a total of 400,000 units of annual capacity-supporting the sale of American EVs in international markets. Phase 1 of the project is expected to start production in 2028. Rivian is expected to create approximately 7,500 operations jobs through 2030 at the company’s future manufacturing facility in Georgia. This is in addition to 2,000 expected full-time construction jobs that will utilize the region’s significant talent and workforce to further strengthen the domestic EV ecosystem. These jobs complement the thousands Rivian has already created and plans to maintain at its current plant in Normal, Illinois, which have bolstered the local and regional economy. Rivian plans to design and build a fully modern manufacturing facility at the Stanton Springs Site, less than one hour’s drive from downtown Atlanta, employing modern construction techniques and advanced environmental management while preserving natural spaces and investing actively in the surrounding communities.