Rivian Automotive announced today that it has received a conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program for a loan of up to $6.6 billion (including $6 billion of principal and about $600 million of capitalized interest) to accelerate its growth and leadership in electric vehicle design, development, and manufacturing in the US.
If this deal is finalized, the loan will support the construction of Rivian’s next facility in Stanton Springs North, near Social Circle, Georgia, substantially expanding the company’s domestic production capacity to support demand from the United States and international markets. This loan from DOE would provide significant funding for producing the company’s midsize platform, which underpins the R2, a midsize SUV, and the R3/R3X, a midsize crossover. Designed, engineered, and built in America to deliver incredible capability, function, performance, and pricing, Rivian believes its R2 and R3 vehicle lines will be critical drivers in the company’s long-term growth and profitability.
Rivian plans to build the facility in two phases, each resulting in 200,000 units of annual production capacity, for a total of 400,000 units–supporting the sale of American EVs in international markets. Phase 1 of the project is expected to start production in 2028. Rivian is expected to create approximately 7,500 operations jobs through 2030 at the company’s future manufacturing facility in Georgia.
This would be in addition to the 2,000 expected full-time construction jobs that will utilize the region’s significant talent and workforce to strengthen the domestic EV ecosystem further. These jobs complement the thousands Rivian has already created and plans to maintain at its current plant in Normal, Illinois, which have bolstered the local and regional economy.
Rivian plans to design and build a fully modern manufacturing facility at the Stanton Springs Site, less than an hour’s drive from downtown Atlanta. The facility will employ modern construction techniques and advanced environmental management while preserving natural spaces and investing actively in the surrounding communities.
Throughout the loan program’s history, DOE has helped energize American EV manufacturing with billions in financing, including loans to General Motors and Tesla.
KEY QUOTE:
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology. This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability. A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.”
– Rivian Founder and CEO RJ Scaringe
