Rivian cuts DOE loan and scales back Georgia plant plans
Updated
Updated · CNBC · Apr 30
Rivian cuts DOE loan and scales back Georgia plant plans
13 articles · Updated · CNBC · Apr 30
The loan falls to $4.5 billion from $6.57 billion, covering one 300,000-vehicle phase instead of two phases totalling 400,000, with drawdown moved to 2027.
Rivian said the revised terms let it access funding sooner and support greater initial production, while R2 output at the Georgia site remains on track to start in late 2028.
The change comes amid weak EV demand and a tougher US policy backdrop; Rivian also reported a first-quarter net loss of $416 million on revenue of $1.38 billion.
As the EV market slows, can Rivian deliver its affordable R2 on time without its original government loan?
With government support shrinking, can Rivian's new tech partnerships with VW and Uber truly fund its future?