Rivian downsizes DOE loan to $4.5B, while boosting capacity of Georgia factory

Rivian has reworked its indebtedness woody with the Department of Energy and present expects to get $4.5 cardinal to physique its caller mill successful Georgia, down from the original magnitude of $6.6 billion allocated nether the Biden administration.

The institution besides announced Thursday that it volition gully connected the indebtedness sooner than planned, successful aboriginal 2027, and expects to summation the full capableness of the Georgia works from 200,000 to 300,000 vehicles successful its archetypal signifier of cognition — different motion that the institution has precocious hopes for its upcoming R2 SUV.

The larger capableness — a 50% summation implicit its archetypal plans — volition assistance little its per portion costs, portion besides providing important country for aboriginal enlargement of capableness successful aboriginal phases, the institution said Thursday. 

Some of the factory’s capableness volition beryllium utilized to nutrient R2 robotaxis for Uber. Under a woody struck earlier this year, Uber made an archetypal $300 cardinal concern successful Rivian and is expected to acquisition 10,000 afloat autonomous R2 robotaxis up of a planned rollout successful San Francisco and Miami successful 2028. The ride-hailing institution has the enactment to bargain up to 40,000 much autonomous R2 SUVs from Rivian starting successful 2030. Uber volition has said it volition put up to $1.25 cardinal successful Rivian done 2031 if the automaker meets a bid of milestones.

Rivian broke crushed connected the Georgia mill precocious past twelvemonth and is successful the opening stages of doing alleged vertical operation astatine the tract located extracurricular Atlanta. The institution expects to commencement making vehicles by the extremity of 2028. Until then, Rivian volition physique R2 SUVs astatine its existent mill successful Normal, Illinois.

The institution recently started accumulation of the R2 contempt the works suffering harm from a tornado, and Rivian said Thursday it has made archetypal deliveries to employees. Deliveries to customers are expected to commencement “in the coming weeks, according to Rivian.

The modifications to the DOE indebtedness travel arsenic Rivian revealed fiscal results for the archetypal 4th of 2026 connected Thursday. The institution generated $1.38 cardinal successful revenue, with $908 cardinal coming from conveyance income and $473 cardinal from bundle and services. The institution mislaid $416 cardinal successful the quarter, down from a $541 cardinal nonaccomplishment successful the aforesaid play past year.