Rivian Receives Conditional Commitment for up to $6.6 Billion Loan from the U.S. Department of Energy鈥檚 Advanced Technology Vehicle Manufacturing (ATVM) Program
Rivian Automotive (NASDAQ: RIVN) has received a conditional commitment from the U.S. Department of Energy for a loan of up to $6.6 billion through the Advanced Technology Vehicle Manufacturing Program. The loan would support the construction of Rivian's new facility in Georgia, aimed at producing the company's midsize R2 SUV and R3/R3X crossover vehicles. The facility is planned for 400,000 units of annual production capacity across two phases, with Phase 1 starting production in 2028. The project is expected to create 7,500 operations jobs through 2030 and 2,000 construction jobs. The loan remains subject to technical, legal, environmental, and financial conditions.
Rivian Automotive (NASDAQ: RIVN) ha ricevuto un impegno condizionale dal Dipartimento dell'Energia degli Stati Uniti per un prestito di fino a 6,6 miliardi di dollari attraverso il Programma di Produzione di Veicoli Avanzati. Il prestito supporter脿 la costruzione del nuovo impianto di Rivian in Georgia, destinato alla produzione dei SUV di medie dimensioni R2 e dei veicoli crossover R3/R3X dell'azienda. L'impianto 猫 previsto per una capacit脿 produttiva annuale di 400.000 unit脿 in due fasi, con la Fase 1 che inizier脿 la produzione nel 2028. Si prevede che il progetto creer脿 7.500 posti di lavoro operativi fino al 2030 e 2.000 posti di lavoro nella costruzione. Il prestito rimane soggetto a condizioni tecniche, legali, ambientali e finanziarie.
Rivian Automotive (NASDAQ: RIVN) ha recibido un compromiso condicional del Departamento de Energ铆a de EE. UU. para un pr茅stamo de hasta 6.6 mil millones de d贸lares a trav茅s del Programa de Fabricaci贸n de Veh铆culos de Tecnolog铆a Avanzada. El pr茅stamo apoyar谩 la construcci贸n de la nueva instalaci贸n de Rivian en Georgia, destinada a producir el SUV mediano R2 y los veh铆culos crossover R3/R3X de la empresa. La instalaci贸n est谩 planificada para una capacidad de producci贸n anual de 400,000 unidades en dos fases, con la Fase 1 iniciando la producci贸n en 2028. Se espera que el proyecto genere 7,500 empleos operativos hasta 2030 y 2,000 empleos de construcci贸n. El pr茅stamo sigue sujeto a condiciones t茅cnicas, legales, ambientales y financieras.
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Rivian Automotive (NASDAQ: RIVN) a re莽u un engagement conditionnel du D茅partement de l'脡nergie des 脡tats-Unis pour un pr锚t pouvant aller jusqu'脿 6,6 milliards de dollars dans le cadre du Programme de Fabrication de V茅hicules de Technologie Avanc茅e. Ce pr锚t soutiendra la construction de la nouvelle installation de Rivian en G茅orgie, visant 脿 produire le SUV de taille moyenne R2 et les v茅hicules crossover R3/R3X de l'entreprise. L'installation est pr茅vue pour une capacit茅 de production annuelle de 400 000 unit茅s en deux phases, la Phase 1 commen莽ant la production en 2028. Le projet devrait cr茅er 7 500 emplois op茅rationnels d'ici 2030 ainsi que 2 000 emplois dans la construction. Le pr锚t reste soumis 脿 des conditions techniques, l茅gales, environnementales et financi猫res.
Rivian Automotive (NASDAQ: RIVN) hat eine bedingte Zusage des US-Energieministeriums f眉r ein Darlehen von bis zu 6,6 Milliarden Dollar im Rahmen des Programms zur Herstellung von Fahrzeugen mit fortschrittlicher Technologie erhalten. Das Darlehen wird den Bau von Rivians neuer Anlage in Georgia unterst眉tzen, die darauf abzielt, das mittelgro脽e SUV R2 und die Crossover-Fahrzeuge R3/R3X des Unternehmens herzustellen. Die Anlage ist f眉r eine j盲hrliche Produktionskapazit盲t von 400.000 Einheiten in zwei Phasen ausgelegt, wobei die Phase 1 2028 mit der Produktion beginnen soll. Es wird erwartet, dass das Projekt bis 2030 7.500 Arbeitspl盲tze im operativen Bereich und 2.000 Arbeitspl盲tze im Bauwesen schaffen wird. Das Darlehen bleibt an technische, rechtliche, umweltliche und finanzielle Bedingungen gebunden.
- Secured conditional commitment for $6.6B government loan
- Planned production capacity expansion of 400,000 units annually
- Expected creation of 7,500 new operations jobs by 2030
- Strategic expansion into midsize vehicle market with R2 and R3 models
- Production at new facility won't start until 2028
- Loan approval still subject to multiple conditions
- Significant debt addition to balance sheet if approved
Insights
This $6.6 billion conditional loan commitment from the DOE represents a significant financial catalyst for Rivian. The funding structure, including
The loan's federal backing and favorable terms could significantly reduce Rivian's capital costs compared to traditional financing. With 7,500 new operations jobs planned through 2030, this expansion positions Rivian to compete more effectively with established automakers in the growing mid-size EV segment. The R2 and R3 platform strategy targeting more affordable price points could unlock broader market penetration and improve long-term profitability prospects.
The planned Georgia facility represents a sophisticated manufacturing expansion with several strategic advantages. The two-phase approach with 200,000 units each allows for measured scaling while incorporating advanced production technologies. The facility's location near Atlanta provides robust logistics infrastructure and access to a skilled workforce.
The focus on the new R2/R3 platform demonstrates intelligent manufacturing planning - using a shared architecture to produce multiple vehicles maximizes operational efficiency and reduces production costs. The 2028 production timeline for Phase 1 provides adequate runway for supply chain development and workforce training. This manufacturing strategy could significantly improve Rivian's cost structure and operational leverage.
If finalized, the loan would support the construction of Rivian鈥檚 next facility in Stanton Springs North, near the city of
The DOE loan would provide an important boost to the
Rivian intends to build the facility in two phases, each resulting in 200,000 units of annual production capacity, for a total of 400,000 units of annual capacity鈥搒upporting the sale of American EVs in international markets. Phase 1 of the project is expected to start production in 2028. Rivian is expected to create approximately 7,500 operations jobs through 2030 at the company鈥檚 future manufacturing facility in
鈥淭his loan will help create thousands of new American jobs and further strengthen
Rivian plans to design and build a fully modern manufacturing facility at the Stanton Springs Site, less than one hour鈥檚 drive from downtown
Over the history of the loan program, DOE has helped energize American EV manufacturing with billions in financing for this strategically important industry, including loans to General Motors and Tesla.
While this indicates DOE鈥檚 intent to finance the project, DOE and the company must satisfy certain technical, legal, environmental, and financial conditions before the Department of Energy enters into definitive financing documents and funds the loan. If finalized, the loan would be secured by all assets of the project and fixed assets and guarantees of the parent company, Rivian Automotive, Inc. and certain of its subsidiaries.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward- looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the final approval, the use of proceeds, and the expected impact of the DOE loan, you can identify forward-looking statements by terms such as 鈥渕ay,鈥 鈥渨ill,鈥 鈥渟hould,鈥 鈥渆xpects,鈥 鈥減lans,鈥 鈥渁nticipates,鈥 鈥渃ould,鈥 鈥渋ntends,鈥 鈥渢argets,鈥 鈥減rojects,鈥 鈥渃ontemplates,鈥 鈥渂elieves,鈥 鈥渆stimates,鈥 鈥渇orecasts,鈥 鈥減redicts,鈥 鈥減otential鈥 or 鈥渃ontinue鈥 or the negative of these terms or other similar expressions, although not all forward-looking statements use these words or expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part II, Item 1A, 鈥淩isk Factors鈥 in Rivian鈥檚 Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and its other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
About Rivian
Rivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in
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FAQ
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