Transportation
Rivian Wins Preliminary Approval for $6.6 Billion US Loan
- Federal funds would support construction of Georgia plant
- Plans for factory were halted earlier this year to save money
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Rivian Automotive Inc. won preliminary approval for a $6.6 billion federal loan that would support the construction of an electric-vehicle factory the company put off building earlier this year to save money.
The loan, which includes $6 billion of principal and around $600 million of capitalized interest, would come from the US Energy Department’s Advanced Technology Vehicle Manufacturing program. Rivian Chief Executive Officer RJ Scaringe said the funds would enable the company to “more aggressively scale” production of cheaper electric sport utility vehicles.