Rivian, DOE Finalize Loan Agreement for Georgia Manufacturing Site

By Stephen Nakrosis

Electric-vehicle maker Rivian Automotive on Thursday said it closed a loan agreement with the U.S. Department of Energy for up to $6.6 billion to support construction of a new manufacturing facility in Georgia.

The facility, which will be built in Stanton Springs North, is expected to support the creation of 7,500 manufacturing jobs, Rivian said.

Construction of the facility is expected to begin next year, and vehicle production of the new R2 SUV and R3 crossover is slated to begin in 2028. The company said it has already begun hiring for construction and management roles.

The loan agreement includes $6 billion of principal and about $600 million of capitalized interest, Rivian said.

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(END) Dow Jones Newswires

01-16-25 1708ET