Federal Government Gives Rivian $6.6 Billion Loan Approval to Build Georgia EV Plant

‘This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint,’ Rivian CEO RJ Scaringe said.

Employees work on an assembly line at startup Rivian Automotive's electric vehicle factory in Normal, Ill., on April 11, 2022. Kamil Krzaczynski/Reuters

Electric vehicle (EV) manufacturer Rivian said on Nov. 26 that it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy (DOE) to build a factory in Georgia.

Rivian, founded in 2009, plans to manufacture sport utility vehicles and hatchbacks at its new factory in Stanton Springs North, near the Atlanta-area city of Social Circle, Georgia.