Rivian Gets $6.6B Loan Approval From DOE to Build Georgia Plant

Rivian Automotive, Inc. (RIVN) will receive a $6.6 billion loan from the Department of Energy (DOE) to build a manufacturing plant in Georgia. This facility will produce SUVs and crossover vehicles, marking a shift from Rivian's current focus on luxury vehicles to what the DOE describes as mass-market models. Per Rivian, the funding will accelerate the launch of its new R2 SUV and R3 crossover, supporting U.S. leadership in the electric vehicle sector. Per the Biden administration, the plant will create 7,5 ...