Rivian Automotive Inc. has been granted preliminary approval for a substantial federal loan of $6.6 billion to support the construction of its electric vehicle plant in Georgia.
This funding is crucial for the development of the facility, which will produce Rivian's midsize platform, serving as the foundation for the R2 sport utility vehicle and the R3/R3X crossover models.
The construction of the Georgia plant will be carried out in two phases, with each phase aiming to achieve an annual production capacity of 200,000 vehicles.
Earlier this year, Rivian had temporarily halted its plans for the plant as part of a cost-cutting strategy.
The approval of this loan is a significant milestone for Rivian as it aims to strengthen its manufacturing capabilities and expand its presence in the electric vehicle market.