FX.co ★ Rivian Gets Up To $6.6 Bln Loan Commitment From U.S. Department Of Energy's ATVM Program

Rivian Automotive (RIVN), the electric vehicle manufacturer, revealed on Monday evening that it has secured a conditional commitment for a loan of up to $6.6 billion from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program. This funding is intended to support the establishment of Rivian's forthcoming facility in Stanton Springs North, located near Social Circle, Georgia.

The structure of the loan includes $6 billion in principal and roughly $600 million in capitalized interest. This financial support is aimed at accelerating Rivian's expansion and fortifying its leadership in the design, development, and manufacturing of electric vehicles within the United States.

Once finalized, this loan will considerably enhance Rivian's domestic production abilities, catering to both U.S. and international market demands. The funds from the Department of Energy will significantly back the production of Rivian's midsize vehicle platform, which includes models like the R2 midsize SUV and the R3/R3X midsize crossover.

Rivian plans to construct the facility in two separate phases. Each phase is anticipated to yield an annual production capacity of 200,000 units, culminating in a total of 400,000 units per year. Phase 1 is projected to commence production in 2028. Additionally, by 2030, Rivian is expected to generate approximately 7,500 operational jobs at the new manufacturing site in Georgia.