Rivian shares rise as DOE loan for $6.6 billion is finalized to build Georgia Plant

The Key Takeaways

• Rivian shares climbed Friday, after the electric car maker revealed it finalized a loan from the federal government worth $6.6 Billion to build a Georgia factory.
• The plant—set to be built "less than one hour's drive from downtown Atlanta," Rivian said—will be used to accelerate production of the EV maker's new R2 SUV and R3 crossover.
• In 2026 the company plans to begin building, and in 2028 production will start.

Rivian Automotive shares (RIVN), a maker of electric vehicles, rose in value Friday. The company announced it finalized an up-to $6.6 billion loan from the federal government to help build a new factory in Georgia.

The loan program office of the Department of Energy has said that the funds will come in the form of principal of about $6 billion and capitalized interest of approximately $600,000,000.

Rivian plans to have the manufacturing plant in Stanton Springs North, near Social Circle, Ga., which the company noted was "less than one hour's drive from downtown Atlanta." It will be used to accelerate production of its new R2 SUV and R3 crossover, "while supporting the creation of 7,500 new manufacturing jobs," Rivian said. 

"This additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry," Rivian founder and CEO RJ Scaringe said.

Rivian expects to begin construction in 2026

Construction will start in 2020, and the production is anticipated to start by 2028. 

Rivian Auto shares rose by 3% on Friday, but have fallen more than 10% in the last year.

Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.