Rivian finalizes $6.6B loan for its Georgia factory

Core Points - Rivian has finalized a $6.6 billion loan from the Department of Energy to support the construction of a factory in Georgia, with construction set to begin in 2026 and the first R2 SUVs expected in 2028 [1][4] - The loan is part of the Advanced Technology Vehicle Manufacturing (ATVM) program, which previously provided significant funding to Tesla [2] - Rivian's loan is structured in two tranches, allowing the company to borrow up to $3.35 billion in the first tranche and up to $2.62 billion in the second tranche, with specific conditions tied to vehicle sales and product milestones [4] Company Plans and Adjustments - Rivian initially announced plans for the Georgia factory in December 2021, aiming for production to start in 2024, but paused construction to cut costs and shifted R2 production to Illinois [5] - With the DOE loan, Rivian now anticipates starting vehicle production at the Georgia facility four years later than originally planned [5] Criticism and Future Oversight - The loan has faced criticism from Vivek Ramaswamy, who plans to co-lead a government efficiency initiative and has expressed intentions to claw back the loan, although the specifics of this plan remain unclear [3]