Rivian (RIVN) stock jumped in today’s trading after the EV maker said that it is getting ready to restart work on its future factory in Georgia this August, with plans to officially break ground early next year, according to emails obtained by TechCrunch through a public records request. This restart comes a few months after the Biden administration approved a $6.6 billion loan to help fund the project. As of June 20, 2025, Rivian had invested over $80 million into the site, up from $41 million in July 2024, and has created 46 full-time jobs. The company plans to begin installing underground infrastructure in August, with major construction set to begin in the first quarter of 2026.
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At the same time, Rivian is working with state officials and suppliers to prepare for the production of its R2 SUV and R3 hatchback. Indeed, the company has contacted the Georgia Department of Economic Development to review a list of existing suppliers in the region that could support the new factory. Rivian is also reaching out to current suppliers to see who might want to set up nearby. In an email to TechCrunch, Rivian spokesperson Peebles Squire explained that the goal is to cut logistics costs and build a strong supply chain by taking advantage of the Southeast’s large automotive supplier base. This, he said, will support American manufacturing and create jobs both locally and nationally.
It is worth noting that the Georgia factory was first announced in 2021, with plans to begin building in 2022 and start production by 2024. However, the project faced local resistance and was delayed as Rivian focused on dealing with supply chain issues and expanding its existing factory in Illinois. Although Rivian secured the $6.6 billion federal loan in late 2024, the deal became controversial after Donald Trump’s second term began, with some of his allies questioning it. Nevertheless, Rivian continues to work with the Department of Energy and state officials to move the project forward.
Is RIVN Stock a Buy or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on RIVN stock based on seven Buys, 15 Holds, and three Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average RIVN price target of $14.72 per share implies 14.1% upside potential.
