(Bloomberg) -- Rivian Automotive Inc. has applied for a federal loan to fund construction of a new electric vehicle plant in Georgia, a project that had stalled after a cash crunch and change in strategy.
Irvine, California-based Rivian expects the facility to be partially operational by the third quarter of 2027, with full production in 2028, the Department of Energy disclosed in a filing dated this month and posted to its website.
The department said in the filing that no final decision has been made on Rivian’s loan request. It did not specify the requested loan amount or terms and the company declined to comment Friday when asked about the dollar value.
Earlier this year, Rivian paused plans to build the Georgia plant, saying it would instead launch its next generation vehicle, called R2, from an existing facility in Normal, Illinois. The move allowed it to bring the higher volume product to market sooner and save $2.25 billion in the process as it continues to burn through cash with heavy losses.
In 2022, Rivian secured a $1.5 billion package of state and local incentives — the biggest in Georgia’s history — to build the massive plant outside Atlanta. The company pledged at the time to create 7,500 jobs by the end of 2028, winning praise from local lawmakers.
©2024 Bloomberg L.P.