Rivian secures $6.57B in government funding

A U.S. Department of Energy loan in the amount of $6.57 billion has been approved for Rivian, opening up new prospects for the budding EV maker.

The loan has been issued specifically for the construction of a new car factory in the state of Georgia. Rivian plans to mass-produce the affordable R2 and R3 models there starting from 2028.

In the meantime, the company will need to brush up its current R1S and R1T offerings to make them more attractive in the faltering EV market of today. Rivian promises us a state-of-the-art AI-powered voice assistant, more power and torque, and more driving range on a subscription basis.