Trump · The Verge
Rivian downsizes new EV factory after Trump’s DOE slashes loan agreement
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The change comes because of a smaller loan — $4.5 billion, instead of $6.6 billion, from the Department of Energy.
Key facts
- The change comes because of a smaller loan — $4.5 billion, instead of $6.6 billion — from the Department of Energy
- The DOE loan “is aligned with the updated facility design and roadmap at up to $4.5 billion,” the company said in a press release
- The company was planning to build the facility in two phases, each resulting in 200,000 vehicles of annual production capacity, for a total of 400,000 units
- In 2024, Rivian put its Georgia factory plans on hold, as it lacked the funds to start the construction
Summary
Rivian announced some changes today about the factory its building in the state of Georgia. The company was planning to build the facility in two phases, each resulting in 200,000 vehicles of annual production capacity, for a total of 400,000 units. Now the company says it is only planning for 300,000 units of annual capacity because of a revised loan agreement with the US Department of Energy — though its planning on hitting that annual capacity sooner than originally planned. In 2024, Rivian put its Georgia factory plans on hold, as it lacked the funds to start the construction.