"Rivian said late Monday it has secured conditional commitment for a $6.6 billion loan from the Department of Energy, funds that will help the EV maker restart construction of a massive factory in Georgia. The funds will come from DOE’s Loan Programs Office Advanced Technology Vehicle Manufacturing Loan Program. Rivian said it expects to begin operations at the Georgia factory in 2028 — four years later than originally planned. The factory will employ 7,500 people by the end of 2030, a figure that is tied to an incentives package approved several years ago by Georgia’s Department of Economic Development. Rivian announced in December 2021 plans to build a second factory east of Atlanta that the company said would have doubled the annual production capacity of its plant in Normal, Illinois, and cost an estimated $5 billion to build. At the time, Rivian said the Georgia factory would have a targeted annual production capacity of 400,000 vehicles a year and begin production of its next-generation EVs in 2024. The company landed a $1.5 billion incentives package to build factory in Georgia, according to documents to the state’s Department of Economic Development." #finance #equipmentfinance #equipmentleasing #financialservices #corporatefinance #rivian #manufacturing #evs https://lnkd.in/dxiHVR85
