Rivian Receives $6.6B Loan from Biden Administration for Georgia Factory

Biden administration loans $6.6 billion to Rivian to restart stalled Georgia EV factory, bolstering U.S. electric vehicle goals.

The Biden administration has announced a $6.6 billion loan to Rivian Automotive, providing the electric vehicle startup with the funds needed to resume plans for a massive factory in Georgia. The factory project, paused earlier this year due to financial challenges, is expected to become a cornerstone of Rivian's efforts to scale production and expand its vehicle lineup.

The timing of the loan raises questions about its future, as Donald Trump is set to retake the presidency in less than two months. Trump has previously pledged to end federal support for electric vehicles, including tax credits and loans, sparking speculation about potential policy reversals.

Rivian's new Georgia plant, located near Social Circle, aims to produce its smaller, more affordable R2 and R3 models. With a projected capacity of 400,000 vehicles annually and 7,500 jobs, the facility represents a significant investment in the state's electric vehicle industry. The first phase of production is now slated to begin in 2028.

The loan is part of the Department of Energy's Advanced Technology Vehicles Manufacturing Loan Program, which has previously supported early EV pioneers like Tesla and Nissan. The program's objective aligns with the Biden administration's goal of having zero-emission vehicles account for half of all U.S. car sales by 2030.

Georgia officials, including Governor Brian Kemp and Senator Jon Ossoff, have welcomed the investment, highlighting its potential to boost the state's growing EV sector. However, Kemp noted that efforts to attract Rivian began before Biden's climate policies, emphasizing Georgia's long-standing commitment to economic development.

The Rivian project has faced opposition from some local residents and legal challenges, but state and local governments have invested heavily to prepare the site. With federal and state support, Rivian now has a renewed opportunity to realize its vision of affordable, U.S.-made electric vehicles.