Rivian, the California-based electric vehicle startup, announced it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy. This funding will support the construction of its new production facility in Georgia. The plant is expected to begin operations by 2028 and will focus on manufacturing future models, including the smaller and more affordable R2 SUV and R3 crossover.
Rivian (RIVN, Financial) has faced significant challenges this year, with its stock price dropping around 50%. The company has been striving to ramp up production of its spacious electric SUVs and pickup trucks while tackling component shortages and cutting costs.
