The US Department of Energy will loan Rivian $6.6 billion to build an electric vehicle factory in Georgia, the company announced last night. The announcement comes as Democrats scramble to finalize their climate agenda before Donald Trump takes office.
Rivian, lacking the funds to start the construction process, put its Georgia factory plans on hold earlier this year. The company has lost a significant amount of money since its public offering in November 2021, including $1.1 billion this past quarter. The company recently said it expected to lose up to $2.88 billion in adjusted earnings for the year, up from the previous guidance of $2.7 billion in losses. And it has gone through several rounds of layoffs over the past two years.
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