Rivian gets giant loan for new electric car factory

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Rivian gets giant loan for new electric car factory
Photo: Ann-Sophie Fjello-Jensen AP/TT

The American electric vehicle manufacturer Rivian has received approval for a conditional loan of 6.6 billion dollars (equivalent to 73 billion kronor) from a support program at the US Department of Energy.

The money is intended to contribute to a factory construction outside Atlanta, Georgia.

The factory will be built in two phases, where each step will provide a production capacity of 200,000 electric vehicles per year.

Rivian – which has had problems increasing its production volume since its IPO in 2021 and whose share has fallen by 50 percent so far this year – must to receive the loan payment meet certain technical and legal criteria as well as financial targets.

Rivian – which previously received $1.5 billion in support from the state of Georgia and local actors – has recently also secured financing of $800 million from its German partner Volkswagen (VW).

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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