Rivian Automotive, the American all-electric automaker, has announced that it has received a conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program for a loan of up to $6.6 billion. This loan, which includes $6 billion in principal and approximately $600 million in capitalized interest, will help accelerate Rivian’s efforts to lead electric vehicle (EV) design, development, and manufacturing in the United States.
If finalized, the loan will support the construction of Rivian’s new manufacturing facility in Stanton Springs North, near Social Circle, Georgia. This facility will significantly boost Rivian’s domestic production capacity to meet growing demand in the U.S. and international markets. The loan will focus on the production of Rivian’s midsize platform, which will underpin the R2, a midsize SUV, and the R3/R3X, a midsize crossover. Designed and built in America, these models aim to offer an exceptional balance of capability, performance, function, and affordability, making them central to Rivian’s long-term growth strategy.
The DOE loan will provide a major boost to the U.S. automotive industry, driving job creation and investment as the country works to maintain leadership in the rapidly growing EV market. Rivian plans to develop the facility in two phases, each capable of producing 200,000 units annually, for a total production capacity of 400,000 units. Phase 1 is expected to begin production in 2028. By 2030, Rivian anticipates creating approximately 7,500 operational jobs at the new Georgia facility, in addition to 2,000 construction jobs, which will strengthen the local economy and contribute to the broader U.S. EV ecosystem. This is on top of the thousands of jobs Rivian has already created at its existing plant in Normal, Illinois.
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” said RJ Scaringe, Founder and CEO of Rivian. “It will enable Rivian to scale up our manufacturing capacity for the competitively priced R2 and R3 vehicles that emphasize both capability and affordability. A strong U.S. EV manufacturing ecosystem is critical for maintaining long-term leadership in transportation.”
Rivian’s plans for the new Georgia facility include building a state-of-the-art manufacturing plant using modern construction techniques and sustainable practices. The company is committed to preserving natural spaces and investing in the surrounding communities.
The ATVM Loan Program has previously provided funding to other major automakers, including General Motors and Tesla, helping to energize the U.S. EV manufacturing sector.
While this conditional commitment marks the intent of the DOE to provide funding, Rivian and the Department must satisfy certain technical, legal, environmental, and financial conditions before the loan can be finalized. If approved, the loan will be secured by the project’s assets, along with guarantees from Rivian Automotive and its subsidiaries.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ from those projected. Such statements reflect Rivian’s expectations regarding future events and performance, but there is no guarantee that these expectations will be realized. Investors should refer to Rivian’s filings with the Securities and Exchange Commission for further details on the risks and uncertainties that may impact its business.
