Rivian Automotive Secures $6.6 Billion DOE Loan for Expansion

Rivian Automotive ( (RIVN) ) has provided an update.

On January 16, 2025, Rivian Automotive, Inc. announced a significant agreement with the U.S. Department of Energy (DOE) for a loan facility worth up to $6.6 billion to develop an electric vehicle manufacturing plant in Georgia. This facility will create over 7,500 jobs and facilitate the production of the new R2 SUV and R3 crossover models, enhancing Rivian’s position in the electric vehicle industry and supporting U.S. leadership in this sector. The agreement marks a major step in Rivian’s expansion, with construction expected to begin in 2026 and vehicle production anticipated by 2028.

More about Rivian Automotive

Rivian Automotive, Inc. is an American automotive manufacturer known for developing and building innovative electric vehicles and accessories. The company focuses on creating category-defining products designed for both work and play, aiming to accelerate the transition to zero-emission transportation. Rivian vehicles, which are built in the United States, are sold directly to both consumer and commercial customers, with a mission to preserve the natural world and support adventurous lifestyles.

YTD Price Performance: 5.21%

Average Trading Volume: 40,070,124

Technical Sentiment Consensus Rating: Hold

Current Market Cap: $13.62B

For detailed information about RIVN stock, go to TipRanks’ Stock Analysis page.