Rivian gets $6.6 billion government loan to build its EV factory in Georgia

6 months ago 9

The US Department of Energy volition indebtedness Rivian $6.6 cardinal to physique an electrical conveyance mill successful Georgia, arsenic Democrats scramble to finalize their clime docket earlier Donald Trump takes office.

Rivian, lacking the funds to commencement the operation process, put its Georgia mill plans connected clasp earlier this year. The institution has mislaid a important magnitude of wealth since its nationalist offering successful November 2021, including $1.1 cardinal this past quarter. The institution precocious said it expected to suffer up to $2.88 cardinal successful adjusted net for the year, up from the erstwhile guidance of $2.7 cardinal successful losses. And it has gone through several rounds of layoffs implicit the past 2 years.

Rivian said it received “conditional commitment” for its...

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