Rivian downsizes DOE loan to $4.5B, while boosting capacity of Georgia factory
Rivian has revised its Department of Energy loan down to $4.5 billion from $6.6 billion while increasing the initial production capacity of its Georgia factory from 200,000 to 300,000 vehicles. The company plans to begin drawing on the loan in early 2027 and will produce the R2 SUV and robotaxis for Uber at the new plant, with vehicle production expected to start by the end of 2028. Rivian reported $1.38 billion in first-quarter 2026 revenue and a reduced net loss of $416 million compared to the prior year.
- ▪Rivian reduced its Department of Energy loan from $6.6 billion to $4.5 billion for its Georgia factory construction.
- ▪The Georgia plant's initial production capacity has been increased by 50% to 300,000 vehicles per year.
- ▪Rivian will produce R2 robotaxis for Uber, which has committed to purchasing 10,000 autonomous R2 SUVs starting in 2028.
- ▪Uber plans to invest up to $1.25 billion in Rivian by 2031, contingent on milestone achievements.
- ▪Rivian reported $1.38 billion in revenue and a $416 million net loss for the first quarter of 2026.
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Rivian has reworked its loan deal with the Department of Energy and now expects to borrow $4.5 billion to build its new factory in Georgia, down from the original amount of $6.6 billion allocated under the Biden administration. The company also announced Thursday that it will draw on the loan sooner than planned, in early 2027, and expects to increase the total capacity of the Georgia plant from 200,000 to 300,000 vehicles in its initial phase of operation — another sign that the company has high hopes for its upcoming R2 SUV. The larger capacity — a 50% increase over its initial plans — will help lower its per unit costs, while also providing significant room for future expansion of capacity in later phases, the company said Thursday.
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