Electric vehicle manufacturer Rivian Automotive has received 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 (including $6 billion of principal and approximately $600 million of capitalized interest) to accelerate its growth and leadership of EV design, development and manufacturing in the United States.
If approved, the loan would support the construction of Rivian’s next facility in Stanton Springs North, near the city of Social Circle, Georgia, expanding the company’s domestic production capacity to support demand from the United States and international markets. This loan from DOE would provide funding for production of the company’s midsize platform, which underpins the R2, a midsize SUV; and the R3/R3X, a midsize crossover.
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 — supporting 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 about 7,500 operations jobs through 2030 at the company’s future manufacturing facility in Georgia. This is in addition to 2,000 expected full-time construction jobs that will use the region’s talent and workforce to further strengthen the domestic EV ecosystem.
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” says R.J. Scaringe, Rivian founder and CEO. “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.”
Rivian plans to design and build a fully modern manufacturing facility at the Stanton Springs Site, less than one hour’s drive from downtown Atlanta, employing modern construction techniques and advanced environmental management while preserving natural spaces and investing in the surrounding communities.
While this conditional commitment indicates DOE’s intent to finance the project, DOE and the company must satisfy certain technical, legal, environmental and financial conditions before the department enters into definitive financing documents and funds the loan. If approved, 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.
