Rivian (NASDAQ: RIVN) has just finalized a loan agreement with the U.S. Department of Energy's Loan Programs Office for up to $6.6 billion to support the construction of its next manufacturing facility in Stanton Springs North, near the city of Social Circle, Georgia. The financial support includes $6 billion of principal and approximately $600 million of capitalized interest.
The funds are intended to help Rivian secure American leadership in electric vehicles and support the creation of 7,500 new manufacturing jobs, which will accelerate the volume expansion of the company’s new R2 SUV and R3 crossover. This marks a significant investment in the company's future growth and expansion.
Construction is expected to begin in 2026, with the production of customer vehicles set to take place in 2028. Rivian has already initiated hiring in the region for construction and management roles, with multiple open positions statewide. Recruitment is expected to increase rapidly as facility construction approaches.
The loan will be split across two phases of Rivian’s Georgia facility, with the first phase expected to have a loan size of up to $3.4 billion and the second phase up to $2.6 billion. This underscores the scale of the company's expansion plans and its commitment to establishing a robust manufacturing presence in the region.
Rivian's founder and CEO, RJ Scaringe, expressed confidence in the company's future growth, stating that the loan will help accelerate the launch of their Georgia plant for R2 and R3, providing thousands of jobs in the state. This investment is crucial for the company's mass market products and is seen as a key factor in maintaining U.S. leadership in the electric vehicle industry.
Today the company's shares have moved 3.6% to a price of $14.44. If you want to know more, read the company's complete 8-K report here.
