While Rivian has applied for a loan, the department has not made a final decision and the filing did not disclose the requested amount or terms. The EV maker had paused construction of its planned $5 billion factory in Georgia to prioritize speeding up the production of vehicles on the R2 midsize platform and conserving cash. Aiming to save $2.25 billion and speed up production, Rivian shifted the manufacturing of its R2 midsize SUV — set to compete with Tesla's Model Y — to its Illinois factory, with production slated to begin in 2026.
(Bloomberg) -- Rivian Automotive Inc. has applied for a federal loan to fund construction of a new electric vehicle plant in Georgia, a project that had stalled after a cash crunch and change in strategy.Most Read from BloombergSingapore Ends 181 Years of Horse Racing to Make Way for HomesWhat Do US Vehicle Regulators Have Against Tiny Cars?For a Master of Brutalist Provocations, a Modest Museum AppraisalMexico City Restricts Airbnb Rentals to Curb ‘Gentrification’From Cleveland to Chicago, NFL
The company revises its 2024 production guidance midpoint to 48,000 vehicles, down from prior guidance of 57,000 vehicles.