Rivian renegotiates DOE loan down to $4.5 billion, adjusts capacity plans for Georgia plant
Rivian Automotive has renegotiated its U.S. Department of Energy loan from $6.57 billion to $4.5 billion, adjusting production plans for its Georgia plant to focus on a single phase with 300,000 annual units. The revised agreement allows Rivian to access the loan in 2027, a year earlier than planned, while scaling back long-term capacity amid uncertain electric vehicle demand. The company reported a first-quarter net loss of $416 million on revenue of $1.38 billion, showing improvement from the prior year and slightly exceeding analyst expectations.
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Rivian Automotive on Thursday said it has renegotiated a $6.57 billion loan from the U.S. Department of Energy down to $4.5 billion and is adjusting its production expectations at an under-construction plant in Georgia.The DOE loan was previously set to support two phases of production for a total of 400,000 units annually. The amended loan covers one phase of production with a total capacity of 300,000 vehicles, the company said Thursday.The changes allow Rivian to draw on the loan sooner and have greater initial production but lowers its total production capacity for the plant amid uncertain demand for all-electric vehicles.Rivian said it plans to tap into the loan in 2027, a year ahead of previously scheduled.
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