Shares of Rivian Automotive (RIVN), an electric-vehicle manufacturer headquartered in California, are up almost 3% in after-hours trading on Thursday to approximately $15 per share, after the company announced it has closed its loan agreement with the U.S. Department of Energy’s DOE for up to $6.6B .The loan will be used to construct its next manufacturing facility in Stanton Springs North, near the City of Social Circle, Georgia. These funds will help secure American leadership in electric vehicles while supporting the creation of 7,500 new manufacturing jobs and accelerating the volume expansion of the company’s new R2 SUV and R3 crossover. Construction is expected to begin in 2026 with the production of customer vehicles expected to take place in 2028. Companies in a similar space include Tesla (TSLA) and Lucid Group (LCID).
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