3 sources·Business

Biden Administration Approves $6.6B Loan for Rivian's Stalled Georgia Factory

The Biden administration announces a $6.6 billion loan to Rivian Automotive for a Georgia factory, reviving plans for electric vehicle production.

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Updated: Nov 26th, 2024, 10:03 AM ET

Summary

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The Biden administration has announced a $6.6 billion loan to Rivian Automotive to restart construction of its stalled factory in Georgia, easing financial struggles. This loan comes from the Advanced Technology Vehicles Manufacturing Loan Program, aimed at fostering electric vehicle production. Rivian, initially hindered by cash flow issues and production setbacks, now aims to produce smaller, affordable vehicles in Georgia as part of its revamped strategy. The loan faces uncertainties with the impending Trump administration, which has previously opposed such federal investments. State officials view this as critical for Georgia's EV manufacturing goals.

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