Rivian applying federal loan to resume Georgia plant construction

Rivian Automotive (NASDAQ:RIVN) has sought a federal loan to support the construction of a new electric vehicle plant in Georgia after a strategic shift forced the company to pause the project amid a cash crunch.

The plant is expected to be operational by Q3 2027, with full production anticipated to begin in 2028, Bloomberg News reported late Friday, citing a filing posted by the Department of Energy on the agency’s website.

“Financially supporting the project will help Rivian bring 400,000 electric vehicles (EVs) to market and into greater use, thereby reducing overall national emissions of air pollutants and human-caused GHGs,” the DoE said.

Rivian (RIVN) or DoE didn’t disclose the loan amount the company is requesting. DoE said it has yet to decide whether to grant the loan.

Rivian (RIVN) of Irvine, California, paused the plant’s construction in March after opting to shift the manufacturing of its upcoming next-gen R2 model to an existing facility in Normal, Illinois, a move it said would help save over $2.25B in costs.