"(Bloomberg/Chester Dawson) Rivian Automotive Inc. expects to draw on a $6.6 billion US government loan after building a new plant in Georgia but before starting production in 2028, according to its chief financial officer. CFO Claire McDonough said the electric-vehicle maker anticipates starting construction on the factory next year and seeking reimbursement from a US Department of Energy loan once it's completed. It'd be prior to starting production in 2028 that we'd be drawing down the loan, she told reporters Tuesday in Detroit."
"The Irvine, California-based company is set to begin manufacturing its next-generation R2 model at an existing plant in Normal, Illinois, from 2026 and then expand output of that EV and a future vehicle called R3 at the new facility in Georgia. Rivian applied for the federal loan last year after having paused plans to construct its second factory in a cost-saving move. McDonough reaffirmed Rivian's goal of hitting a measure of operating profit by 2028 once its Illinois plant reaches full production capacity of 200,000 vehicles a year."
Rivian plans to draw on a $6.6 billion Department of Energy loan after completing a new Georgia factory and before starting production in 2028. Construction on the Georgia plant is expected to begin next year with loan reimbursement requested once the facility is finished. The loan was finalized in January; the Department of Energy has indicated it will not move forward with billions in Biden-era loans and the financing drew criticism from President Donald Trump. Rivian will begin manufacturing the R2 at its Normal, Illinois plant in 2026 and expand R2 and future R3 output at the Georgia plant. The company aims to reach an operating-profit measure by 2028 when Normal hits 200,000 annual vehicles and forecast an adjusted Ebitda loss of up to $2.25 billion for the year.
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