President Joe Biden's administration has announced a $6.6 billion loan from the U.S. Department of Energy to Rivian Automotive to aid in the construction of a factory in Georgia. The startup automaker had faced challenges in profitability, causing a pause in the project. The loan's completion timeline is uncertain, given the upcoming change in administration.
Rivian, known for its electric R1 SUVs, pickup trucks, and delivery vans, had planned to build a $5 billion plant in Georgia to produce R2 vehicles for the mass market. The factory was expected to employ 7,500 workers and have an annual production capacity of 400,000 vehicles.
