Rivian Gets $6.6B DOE Loan Commitment for Georgia Plant Construction

[savethemanual]

This is a program that all the big US automakers are taking advantage of. The real question is why Rivian is getting singled out.

Because Rivian only manufactures EV's....which have become political.

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[Hereforthesnacks]

Let’s be honest, this loan has a decent risk of being cancelled in a couple months. Or at least held up. If Rivian is banking on this loan, that’s no bueno.

 

[Donald Stanfield]

Let’s be honest, this loan has a decent risk of being cancelled in a couple months. Or at least held up. If Rivian is banking on this loan, that’s no bueno.

They aren’t. Did you forget about the whole Normal plant expansion for R2? This loan is a “would be nice to have” sort of thing not a must have.

 

[captainjp]

They aren’t. Did you forget about the whole Normal plant expansion for R2? This loan is a “would be nice to have” sort of thing not a must have.

Also, according to press this will be locked in and secured before new administration takes over. Thinking otherwise is purely speculation.

 

[savethemanual]

Obviously, the current administration is going to do everything in their means to lock it in so that the next administration (who will do everything in their means to reverse it) can't stop it.

 

[elektrode]

The real question is why Rivian is getting singled out.

Because the co-leader of DOGE broadcast his (apparent) conflict of interest almost immediately.

 

[kurtlikevonnegut]

Because the co-leader of DOGE broadcast his (apparent) conflict of interest almost immediately.

Given his background, it would not surprise me in the least if Vivek's personal holdings and his ETF are short on Rivian.

 

[Blu Angel]

This is great news. While Normal has the capacity to create a decent gross-profit, Rivian needs GA to get to cash-flow positive. This should give them the capital to get there.

Thx @BigSkies
The $11 Billion dollars coming in from the US Government and VW Corporation will afford some additional time to buy time and become Cash-Flow positive

The loan agreement will be binding once the Department of Energy and Rivian sign a contract, which is expected to take place before Mr. Trump’s inauguration in January.”

@Canthoney
i hope you’re correct before Elon & Vivek try to derail this loan

takes much longer than one year to build a factory (paint shop and all the regulations on that alone take a while)
….more than 3-4 months for test production.
There is a reason why late 2027 was mentioned last year before Georgia was paused.

Thx @DuoRivian
hopefully it’s fully operational for the 2028 model year
Does this mean the current 100,000+ R2 Reservations will
be built at the Normal plant?

Don't forget the DOE loaned $2.5B to GM under this same program.

Ford is borrowing $9.2B from the DOE.

Here's a separate press release for $1.1B to GM and Stellantis as part of the IRA DOE grants.

Thx @BigSkies
That means that GM, Ford & Stellantis are collectively
getting over $12.8 Billion ……
Lets share the love with Rivian Motors….a future US BEV STALWART.

This loan from DOE would provide significant funding for production of the company’s midsize platform, which underpins the R2, a midsize SUV, and the R3/R3X, a midsize crossover.”

Thx @Hereforthesnacks
Guaranteed Success provided Rivian gets the US population
to buy into the Rivian Adventure!….they got my vote, my Reservation and my Bottom Dollar ($60,000+ US)

 

[Sparkland]

So Scout and Rivian are both pushing out new products way down the line in 2027/2028. Can they both really survive?

 

[hekhl00]

I don’t care who the recipient is, I don’t see this being a function of government to prop up a private entity, especially a government that is so hopelessly over extended already.

 

[Elazor]

I don’t care who the recipient is, I don’t see this being a function of government to prop up a private entity, especially a government that is so hopelessly over extended already.

Pretty much how jobs are created these days.

Google how many municipalities subsidize large corporations building something new in their cities. There are like tax incentives from state/local for 20+ years + financial incentives etc.

At least in this case the && is going towards making America more competitive in manufacturing in a relatively still new field.

 

[Fmc]

Pretty much how jobs are created these days.

Google how many municipalities subsidize large corporations building something new in their cities. There are like tax incentives from state/local for 20+ years + financial incentives etc.

At least in this case the && is going towards making America more competitive in manufacturing in a relatively still new field.

Louisiana does not even care if you create jobs…https://lailluminator.com/2024/02/22/landry-industrial-tax/

 

[DuoRivian]

Thx @BigSkies
The $11 Billion dollars coming in from the US Government and VW Corporation will afford some additional time to buy time and become Cash-Flow positive



@Canthoney
i hope you’re correct before Elon & Vivek try to derail this loan



Thx @DuoRivian
hopefully it’s fully operational for the 2028 model year
Does this mean the current 100,000+ R2 Reservations will
be built at the Normal plant?




Thx @BigSkies
That means that GM, Ford & Stellantis are collectively
getting over $12.8 Billion ……
Lets share the love with Rivian Motors….a future US BEV STALWART.



Thx @Hereforthesnacks
Guaranteed Success provided Rivian gets the US population
to buy into the Rivian Adventure!….they got my vote, my Reservation and my Bottom Dollar ($60,000+ US)

Yes the R2 will start at Normal with upto 150k capacity.

 

[emoore]

I don’t care who the recipient is, I don’t see this being a function of government to prop up a private entity, especially a government that is so hopelessly over extended already.

Well that is the function of the government. Help new technologies along. Always has been including oil and gas.

 

[Dave Cundiff]

Louisiana does not even care if you create jobs…https://lailluminator.com/2024/02/22/landry-industrial-tax/

Eliminating objective criteria and making individual companies' benefits or taxes subject to the governor's (or President's) whims is a virtual guarantee of corruption. So this is disheartening.

Thanks for sharing, @Fmc!

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