Rivian gets giant loan for new electric car factory

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).