Rivian Automotive has received a conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program for a loan of up to $6.6 billion for a new manufacturing facility in Georgia.

The loan includes $6 billion of principal and $600 million of capitalized interest “to accelerate its growth and leadership of electric vehicle design, development, and manufacturing in the United States,” according to a Rivian press release.

If finalized, the loan would support the construction of the OEM’s next facility in Stanton Springs North near Social Circle, Georgia. Rivian says the facility would substantially expand its domestic production capacity to support demand from the U.S. and international markets.

“This loan from DOE would provide significant funding for production of the company’s midsize platform, which underpins the R2, a midsize SUV, and the R3/R3X, a midsize crossover,” the press release states. “Designed, engineered, and built in America to deliver an incredible combination of capability, function, performance, and pricing, Rivian believes its R2 and R3 vehicle lines will be critical drivers in the company’s long-term growth and profitability.”

Rivian plans to design and build a fully modern manufacturing facility at the Stanton Springs site in two phases, each resulting in a yearly vehicle production capacity of 200,000. The location is less than an hour from downtown Atlanta.

Phase one is expected to start production in 2028. Rivian plans to create 7,500 operations jobs through 2030 at the future manufacturing facility. This will be in addition to 2,000 full-time construction jobs from the region’s workforce.

“These jobs complement the thousands Rivian has already created and plans to maintain at its current plant in Normal, Illinois, which have bolstered the local and regional economy,” the release states.

DOE and Rivian must satisfy certain technical, legal, environmental, and financial conditions before the department enters into definitive financing documents and funds the loan. If finalized, the loan would be secured by all project assets and fixed assets and guarantees of Rivian Automotive, Inc. and certain subsidiaries.

“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” said RJ Scaringe, Rivian founder and CEO, in the release. “This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability. A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.”

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.

As of June 30, manufacturing investments of $78 billion in the Southeast had been announced, according to an October report from the Southern Alliance for Clean Energy.

Manufacturing investment in the Southeast was 38% of the national total in Q2 and EV market share was 7.1%. Sales grew by 42% between Q2 2023 and Q2 2024. Florida held the largest EV market share at 8.9%.

WABE reports that legislative actions in North Carolina and Georgia have considered additional EV fees and some recent bills in Florida promote EV growth while others limit growth.

“Concurrently, the region is focusing on developing a skilled workforce through specialized training programs and community partnerships that support expanding EV infrastructure, battery production, and supply chains,” the article states.

Images

Featured image provided by Rivian

Site plan of Rivian’s future Georgia manufacturing campus. (Provided by Rivian)

Rivian’s Normal, Illinois plant. (Provided by Rivian)