Rivian secures $6.6bn loan to build production facility in Georgia

Rivian says it has planned the construction of site for 2028, four years after it was initially slated to commence
An undated image of a Rivian SUV. — iStock
An undated image of a Rivian SUV. — iStock

Renowned car manufacturer Rivian on Monday secured a grant of $6.6 billion loan from the Department of Energy (DOE) to initiate the development of a big-scale manufacturing factory in Georgia.

Stemming from DOE’s Loan Programs Office Advanced Technology Vehicle Manufacturing Loan Program, the loan will help the electric vehicle (EV) maker kick off its operations at the Georgia factory.

The company said it has planned the construction of the site for 2028, four years after it was initially slated to commence.

The facility will employ 7,500 people by the end of 2030, which is linked to an incentives package approved several years ago by Georgia’s Department of Economic Development.

Rivian in 2021 announced its plans to build a second factory east of Atlanta, which it claimed would have supplemented the production capacity of its primary production factory in Normal, Illinois, for an estimated cost of $5 billion to build.

The automotive giant back then said the Georgia factory would help it achieve an annual target of producing 400,000 units and kick off the production of its next-generation EVs in 2024.

Documents issued to the state’s Department of Economic Development stated that Rivian obtained a $1.5 billion incentive package to build a Georgia factory.