With conditional approval, the automaker can move forward with building a massive factory in Georgia, boosting annual production capacity to 400,000 vehicles
Rivian’s financial credentials just got a major boost. The California-based EV maker has received conditional approval for a $6.6 billion loan from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing Program, part of the Inflation Reduction Act of 2022.
The funding will enable Rivian to complete its planned manufacturing facility in Georgia, first announced in late 2021. The factory is expected to create 7,500 jobs by 2030 and increase production by 400,000 vehicles annually. Initially estimated at $5 billion with production slated for 2024, the project faced delays due to financial constraints, prompting Rivian to revise plans for its upcoming R2 SUV.
Rivian now plans to complete the Georgia facility in two phases. Phase one, set to begin vehicle production in 2028, will boost Rivian’s annual capacity by 200,000 units. The second phase will add another 200,000 vehicles to production, though the company hasn’t disclosed a timeline for its completion.
The new facility will also host Rivian’s next-generation mid-size platform, designed for the upcoming R2 compact crossover and smaller R3. While details on these models remain sparse, they’re expected to be more affordable additions to the lineup, complementing the flagship R1 series.
This announcement follows Rivian’s recent joint venture with Volkswagen, which includes a $5.8 billion investment from the German automaker. Initially focused on vehicle software, the partnership could eventually expand to EV hardware, including battery modules.
