Rivian Stock Rises as EV Maker Finalizes $6.6B DOE Loan to Build Georgia Plant

Federal Loan and Factory Construction - Rivian Automotive finalized a federal loan worth up to $6.6 billion, including$6 billion in principal and $600 million in capitalized interest, to build a factory in Georgia [1] - The manufacturing plant will be located in Stanton Springs North, near Social Circle, Ga, less than one hour's drive from downtown Atlanta [2][4] - Construction is expected to begin in 2026, with production commencing in 2028 [3][4] Production and Job Creation - The new factory will accelerate production of Rivian's new R2 SUV and R3 crossover [2][4] - The project is expected to support the creation of 7,500 new manufacturing jobs [2] - The additional capacity is seen as key to U S leadership in the electric vehicle industry [2] Market Reaction - Rivian Automotive shares rose 3% on Friday following the announcement [3] - Despite the recent gain, shares are down more than 10% over the past year [3]