Rivian Won’t Tap Loan Before Plant Construction Starts (Correct)

Rivian Automotive Inc. said it expects to draw on a $6.6 billion US government loan after construction on a new plant in Georgia begins but before the start of vehicle production in 2028.

CFO Claire McDonough said the electric-vehicle maker anticipates starting construction on the factory next year and seeking reimbursement from a US Department of Energy loan ahead of the plant’s opening. “It’d be prior to starting production in 2028 that we’d be drawing down the loan,” she told reporters Tuesday in Detroit.

Claire McDonough

Photographer: Sebastian Hidalgo/Bloomberg

The loan was finalized in January during the waning days of President Joe Biden ...