Rivian’s $6.6B federal loan for its Georgia Plant is in limbo
Rivian’s $6.6 billion federal loan for its Georgia plant is in limbo since President Donald Trump decided to freeze federal funding and loans.
Georgia’s Governor Brian Kemp is unsure if Rivian will still receive its $6.6 billion federal loan under the Trump administration. Late last month, the U.S. Office of Management and Budget issued a memo calling for a spending freeze on federal assistance that would affect student loans, business loans, and state/local government grants. Less than two days later, the memo was rescinded, leaving many confused.
“You know, they [Rivian] secured that loan at the tail end of the Biden administration, and, you know, I think there’s no secret that the Trump administration is taking a look at all those things. So I don’t really know where that stands right now,” Gov. Kemp told Channel 2.
In November 2024, the Biden administration approved a loan of up to $6.6 billion to Rivian. The electric vehicle (EV) automaker was reportedly going to use the funds to continue construction on its new manufacturing facility in Georgia. The loan includes $6 billion of principal and about $600 million of capitalized interest.
“This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,” commented Rivian CEO RJ Scaringe.
Rivian is confident that it will receive the $6.6 billion loan from the government. A Rivian spokesperson commented that the company is providing thousands of American jobs in Georgia and contributing to onshore US manufacturing.
“We got parameters in, and whether it’s the incentives, the side itself to protect taxpayers regardless of what happens with that side. Rivian keeps telling us they’re coming, and, you know, we’re taking them for their word at that,” stated Gov. Kemp.
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Source: https://www.teslarati.com/rivian-georgia-6-billion-federal-loan/
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