Rivian has announced a conditional commitment from the U.S. Department of Energy’s (DOE) Advanced Technology Vehicle Manufacturing (ATVM) Loan Program for up to $6.6 billion in financing.
According to a statement from Rivian, the DOE loan will support the construction of their next manufacturing facility in Stanton Springs North, Georgia. This plant will focus on producing Rivian’s upcoming midsize EV lineup, including the R2 SUV and R3/R3X crossovers.
The new facility, set to begin production in 2028, will be constructed in two phases, each capable of producing 200,000 vehicles annually, ultimately delivering a total annual production capacity of 400,000 units. Rivian estimates the project will create approximately 7,500 operations jobs by 2030, in addition to 2,000 full-time construction jobs.
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology. It enables Rivian to aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,” said Rivian CEO RJ Scaringe.
This facility adds to Rivian’s existing manufacturing hub in Normal, Illinois, which currently produced the R1T, R1S, and Electric Delivery Van (EDV).
After originally planning to produce the R2 at their new plant in Georgia, Rivian shifted gears and decided to pause construction in Georgia, and move that will save the company over $2.25 billion. These savings allowed Rivian to accelerate the launch of the R2 and shift its production to the Normal factory. The company began expanding the Normal facility earlier this month to accommodate the manufacturing of the R2.
Rivian has started construction to expand their factory in Normal, Illinois to eventually produce the R2. https://t.co/HPy9CIzVSt
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