Rivian Won’t Tap Loan Before Plant Construction Starts

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.