TL;DR: Rivian secured a $6.6B DOE loan to build a Georgia plant for R2 and R3 production, creating thousands of jobs. Production starts in 2028.
Rivian has announced a conditional commitment for a $6.6 billion loan from the U.S. Department of Energy’s (DOE) Advanced Technology Vehicle Manufacturing (ATVM) Loan Program. This funding aims to accelerate Rivian’s growth and enhance its role as a leader in electric vehicle manufacturing in the United States.
New Georgia Facility to Drive Growth
The loan will support the construction of Rivian’s new manufacturing facility in Stanton Springs North, Georgia, near Social Circle. Once finalized, this plant will expand Rivian’s production capabilities, focusing on its new midsize EV platform, which includes the upcoming R2 SUV and R3 crossover. These vehicles are designed to deliver a combination of capability, performance, and affordability, essential to Rivian’s future growth.
The project will be completed in two phases, each with a production capacity of 200,000 vehicles annually, for a total of 400,000 units. The first phase is expected to start production in 2028. Rivian estimates the project will create 7,500 operations jobs by 2030 and 2,000 construction jobs during the build.
Supporting U.S. Leadership in EVs
This loan marks a significant investment in the U.S. EV industry, boosting domestic manufacturing and creating thousands of jobs. Rivian Founder and CEO RJ Scaringe stated:
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology.”
The new facility will be built using modern construction techniques and environmental management practices while investing in the surrounding communities.
A Proven Program for EV Success
The DOE’s ATVM Loan Program has previously supported EV industry giants like Tesla and General Motors. While the loan is not yet finalized, it demonstrates the DOE’s confidence in Rivian’s ability to deliver on its vision. Final approval will require meeting specific technical, legal, and financial conditions.
A Step Toward the Future
This funding positions Rivian to scale production and meet the growing demand for EVs in both the U.S. and international markets. The R2 and R3 vehicles are expected to play a critical role in making electric vehicles more accessible, supporting Rivian’s long-term success and the broader adoption of EVs worldwide.
This commitment signals Rivian’s dedication to innovation, sustainability, and strengthening the U.S. EV industry. Further updates will follow as the loan agreement progresses.