After a pause due to high costs, the electric vehicle manufacturer anticipates work on the project near Atlanta to begin in 2026.

Rivian recently announced the closing of a loan agreement with the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) for up to $6.6 billion in financial support for building its next

Rivian and the Department of Energy have finalized a $6.6 billion loan announced in November with just a few days left until Donald Trump's inauguration.

Donald Trump was sworn in as the 47th president earlier today, but the Biden administration rammed through a number of last minute decisions before that took place. One of them was the finalization of a loan to Rivian worth up to $6.6 billion.

Key Takeaways Rivian Automotive shares rose Friday, a day after the electric vehicle maker announced it had finalized a federal loan worth up to $6.6 billion to build a factory in Georgia.The plant—set to be built "less than one hour's drive from downtown Atlanta,

The U.S. Department of Energy gave final approval Thursday to electric vehicle maker Rivian for a $6.6 billion loan to support its stalled Georgia factory, a huge infusion of cash intended to ensure the plant gets built.

Electric vehicle manufacturer Rivian was approved for a $6.5 billion federal loan to help it restart construction on a Georgia manufacturing facility to be built in Social Circle.

Rivian CEO RJ Scaringe told BI it's good that someone like Elon Musk, who understands EVs, is close to President Donald Trump.

Rivian (NASDAQ:RIVN) closes on giant $6.6 billion loan from U.S. Department of Energy (DOE) to fund Georgia's state-of-the-art manufacturing facility. The new plant, to be located at the same location as the old factory of Lordstown Motors Corp.

Speaking at the opening of a Rivian store in San Francisco on Jan. 23, Scaringe said Rivian is working on technology that will enable supervised hands-free driving later this year, and eyes-off driving as soon as 2026. He said it's a technology the company is “hyper-focused” on, Reuters reported.

Rivian has finalized a $6.6 billion loan agreement with the DOE to support the construction of a new manufacturing facility in Georgia.

The deal in the waning days of the Biden administration could insulate the loan from attempts to cut back on the Department of Energy’s Loan Programs Office, analysts say.