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Rivian Automotive Gets Conditional Commitment for Up to $6.6 Billion Loan From US Energy Department
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Rivian has secured a conditional loan of 6.6 billion dollars to build an electric auto factory in Georgia.
The us electric vehicle manufacturer Rivian announced on Monday that it has received conditional approval for a loan of up to 6.6 billion dollars from the us energy department to build a production facility in Georgia. The company stated in a release that the Georgia factory is scheduled to begin operation in 2028, planning to produce future models such as the smaller and cheaper R2 SUV and R3 crossover. Rivian's stock price has dropped about 50% this year, as the company has been working hard to produce spacious electric SUVs and pickups, while also addressing issues related to parts shortages and trying to cut costs. To save cash and accelerate the R2.
Rivian Wins Approval for $6.6 Billion Loan for Georgia Plant
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