- Rivian postpones, but secures Georgia plant thanks to new loan
- Integration of new product lines R2 and R3 is planned
- It will add to Rivian's existing location in Illinois
- How will the new era of Trump affect the programs?
Rivian on Monday announced a conditional commitment to the federal government to a loans amounting to $6.6 billion under the Department of Energy (DOE) Advanced Technology Vehicle Manufacturing (ATVM) program.
Once completed, the loan will help finance the construction of Rivian's second plant in Stanton Springs North, near the town of Social Circle, Georgia, and less than an hour from downtown Atlanta, the automaker said in a press release. The Georgia plant was announced in 2021, with a target opening date of 2024, but Rivian has since suspended construction. As a result, the opening was initially pushed back to 2027, too now in 2028.
Rivian R2
Rivian said they plan to build the facility in two phases, each with the capacity to produce 200,000 cars a year. a total capacity of 400,000 vehicles every year on completion. The first phase is scheduled for completion in 2028, and Rivian expects to create an estimated 7,500 “jobs” in Georgia by 2030. That's more than 2,000 construction jobs to build the facility.
The same release also noted that the DOE loan will “provide significant funding for the production of the company's mid-range platform” that underpins the R2 electric SUV and the R3 and R3X hatchbacks. Rivian earlier this year chose to start production of the R2 in 2026 at its current factory in Illinois, with the R3 models following sometime after that, while keeping the Georgia plant at a standstill.
Rivian R3
In order to finalize the loan, Rivian must satisfy certain technical, legal, environmental, and financial conditions, Reuters noted. That involves commitment let's not actively oppose unionization effortsalthough the approval of the loan will not guarantee unionization in the industry, according to the report citing an anonymous source familiar with the matter.
Established in 2007 and funded in 2008 in its original form, the ATVM loan program has financed several important projects. Loan to Tesla helped the automaker produce the sustainable Model S, while Nissan used ATVM loans to establish Leaf production in the US. stop altogether with the incoming Trump administration.