Rivian will borrow $4.5 billion from the U.S. Department of Energy to fund construction of its new electric vehicle factory in Georgia. The revised loan agreement replaces an earlier deal that would have provided $6.6 billion in federal financing.
The company confirmed the adjusted terms on Wednesday, stating the reduction reflects updated cost estimates for the 2,000-acre site near Atlanta. Construction began last year and is expected to create about 7,500 jobs once operational in 2027.
Rivian first announced plans for the Georgia plant in 2023, positioning it as a key hub for producing its R2 and R3 models. The facility will complement the automaker’s existing Normal, Illinois plant, which currently builds the R1 series.
The DOE loan comes from its Advanced Technology Vehicles Manufacturing program, which supports domestic battery and vehicle production. Rivian had initially sought $6.6 billion but revised the request after reviewing engineering and procurement costs.
Spokeswoman Alexis Georgeson said the company remains committed to Georgia, where it has already invested over $5 billion in land, equipment, and infrastructure. The factory is slated to begin limited production in late 2026 before full-scale output the following year.
Source: techcrunch.com