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Rivian will likely receive $6.6 billion loan from the government to open its plant in Georgia

Rivian just announced the pending receipt of $6.6 billion from the US government as part of a loan. If this goes through, the company will finally open its long-promised Georgia factory.

American EV maker Rivian just announced that it has received a commitment from the US Department of Energy (DOE) for a loan totaling $6.6 billion. The company says it will use this money to “to accelerate its growth and leadership of electric vehicle design, development and manufacturing in the United States.” Rivian fans can guess what that means. The loan hasn’t been fully finalized yet, as the “DOE and the company must satisfy certain technical, legal, environmental and financial conditions before the Department of Energy enters into definitive financing documents and funds the loan.” The ATVM Loan Program is quite renowned in the EV space, as it is largely credited for saving Tesla from an early death all the way back in 2010.

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