Rivian applies for federal loan to restart Georgia EV factory construction

(Reuters) -Rivian Automotive has applied for a federal loan to enable the construction of its electric vehicle factory in Georgia, according to a filing by the Department of Energy.

The EV maker had paused construction of its planned $5 billion factory in Georgia to prioritize speeding up production of vehicles on the R2 midsize platform and conserving cash.

The facility is scheduled to begin partial operations in the third quarter of 2027, with the first production capacity block reaching full operation in 2028, the filing said.



Earlier in the day, the Amazon-backed EV firm lowered its annual production forecast and missed third-quarter deliveries expectations due to a parts shortage and a slowdown in EV demand.

Rivian (NASDAQ:RIVN ) did not immediately respond to a request for comment.

Source: Investing.com