Rivian gets $6.6 billion loan to build new electric car factory in Georgia

The U.S. Department of Energy has approved a conditional loan of up to $6.6 billion to Rivian Automotive to support a new electric vehicle manufacturing plant in Georgia. The loan includes $6 billion in principal and $600 million in capitalized interest and is part of the U.S. Department of Energy's Advanced Technology Vehicle Manufacturing Loan Program. The new plant, located near South Elk, Georgia, is called the Stanton Springs North Plant and aims to expand Rivian's domestic production capacity to meet domestic and international market demand. The plant will be built in two phases, with a production capacity of 200,000 vehicles per phase, and a total production capacity of 400,000 vehicles.