Rivian has announced changes to its factory plans in Georgia. Originally, the plan was for two phases, each producing 200,000 vehicles annually, totaling 400,000 units. Now, Rivian aims for 300,000 units annually due to a new loan agreement with the US Department of Energy (DOE). The DOE will provide a $4.5 billion loan instead of the previously agreed $6.6 billion from the Biden administration.
In 2024, Rivian paused construction of the Georgia factory due to insufficient funds, which also allowed them to expedite the launch of their mid-sized R2 vehicle. R2 production began this month in Normal, Illinois. During this time, Rivian was in negotiations with the DOE, now under the Trump administration, to secure a loan.
The negotiations concluded with a reduced loan amount for Rivian. Vertical construction is expected to begin this year, with the first loan draw planned for early 2027. Rivian projects vehicle production in Georgia to start in late 2028. The revised $4.5 billion loan aligns with the updated facility design and roadmap, according to the company.
Rivian also highlighted available space for future expansion if funds permit. The company reported increased revenue in the first quarter.