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Donald Trump was sworn in as the 47th president earlier today, but the Biden administration rammed through a number of last minute decisions before that took place. One of them was the finalization of a loan to Rivian worth up to $6.6 billion. The Department of Energy said the money will be used to finance the development and construction of a new manufacturing plant near Social Circle, Georgia. The facility will span approximately nine million square feet and have the capability to build up to 400,000 crossovers and SUVs annually. The plant will build models based on Rivian’s new midsize...

On January 16, 2025, Rivian Automotive, Inc. announced a significant agreement with the U.S. Department of Energy (DOE) for a loan facility worth up to $6.6 billion to develop an electric vehicle manufacturing plant in Georgia. This facility will create over 7,500 jobs and facilitate the production of the new R2 SUV and R3 crossover models, enhancing Rivian’s position in the electric vehicle industry and supporting U.S. leadership in this sector. The agreement marks a major step in Rivian’s expansion, with construction expected to begin in 2026 and vehicle production anticipated by 2028. More about Rivian Automotive Rivian Automotive, Inc....

(CNN) Vivek Ramaswamy, the incoming co-chair of President-elect Donald Trump’s commission to cut government spending, has set his sights on money the Biden administration is dispersing in its final days in office, including a key loan to a rival company of his commission co-chair, Elon Musk. Last week, the Department of Energy announced a $6.6 billion conditional loan commitment to Rivian, the electric vehicle startup that is a nascent competitor to Tesla, Musk’s $1 trillion car company. Ramaswamy says that loan and others like it are “high on the list of items” that he will look to claw back once...

The Biden administration has preliminarily said it would give a $6.6 billion loan to electric vehicle maker Rivian for a plant in Georgia. The administration said the loan would support the construction of a facility where Rivian will make up to 400,000 “mass-market” electric SUVs and crossovers. Specifically, it will support construction of Rivian’s R2 and R3 models, which the company says will be sold at a “significantly lower price point” than its flagship R1 vehicle, which is considered to be a luxury car.

In yet another setback for the Biden-Harris regime’s push for electric vehicles, American consumers are showing a distinct lack of enthusiasm for purchasing new EVs. The latest Mobility Consumer Index (MCI) from consulting firm EY reveals a shocking drop in interest, with only 34% of US consumers planning to buy an electrified vehicle—down from 48% in 2023. This decline raises serious questions about the administration’s ability to force their “Electric Revolution” onto consumers. Now, after seemingly rushing to promote electric vehicles as the future of transportation, the reality is hitting hard: fully electric vehicle interest has plummeted to a mere...

Normal Fire Department (NPD) crews battled a blaze at the Rivian plant parking lot Saturday night. NFD spokesperson Matt Swaney said fire crews were called to Rivian’s Normal plant just before 9:45 p.m. for a reported vehicle fire. He said there is an unspecified number of vehicles damaged by the incident. Witnesses outside the plant said they reportedly saw the fire as early as 9:50 p.m. The EV assembly plant was not affected by the fire, Swaney said.

Speculation has been swirling for months that Rivian (RIVN) needed a partner and a much needed cash infusion to keep operations alive. The EV startup put the rumors to bed late Tuesday, announcing a joint venture with Volkswagen (VWAGY), with plans for the global auto giant to invest $5 billion in Rivian. Investors greeted the Rivian-Volkswagen partnership with excitement as RIVN shares skyrocketed more than 20% Wednesday morning, though off overnight gains of 50% or more. However, questions remain about Rivian's cash burn as attention turns to how Rivian and Volkswagen will execute its joint venture. "We believe the opportunity...

Shares of Rivian Automotive Inc. fell 4% in the extended session Tuesday after the EV maker posted mixed quarterly results, reporting a wider-than-expected loss but revenue above Wall Street’s expectations. Rivian RIVN lost $1.45 billion, or $1.48 a share, in the first quarter, compared with a loss of $1.35 billion, or $1.45 a share, in the year-ago quarter.

Taxpayers could be on the hook if electric vehicle (EV) manufacturer Rivian fails to resume progress on its multi-billion dollar Georgia plant. Rivian announced on March 7 that it would be pausing construction on its $5 billion manufacturing plant that is supposed to be built just east of Atlanta, Georgia, worrying lawmakers and taxpayers in the state that the plant may never be built. However, local authorities had given the company up to $1.5 billion in subsidies and tax incentives with the expectation that Rivian would bring in jobs and tax revenue.

At $1.5 million per job, this new incentive package from the state is at least 15 times the norm. For this much money, the state could have just handed out a million bucks to 827 people, instead of creating 550 jobs.Gov. JB Pritzker announced Thursday that the State of Illinois will provide an $827 million incentive package for Rivian to invest $1.5 billion to expand its electric vehicle factory in Normal, Illinois. The expansion is expected to create at least 550 full-time jobs within the next five years, and will build Rivian’s next model EV, the R2. Rivian initially got...

NORMAL, Ill.--(BUSINESS WIRE)--Rivian Automotive, Inc. (NASDAQ: RIVN) announced today it has received an $827M incentive package from the State of Illinois Department of Commerce & Economic Opportunity, which will allow the company to expand operations at its plant in Normal, IL. The funds from the incentive package will go towards expansion of the plant, improvements in public infrastructure and job training programs for Rivian’s workforce, leading up to the company’s production of its midsized SUV, R2. Rivian will be participating in several city improvement projects to demonstrate its ongoing commitment to investing in the Illinois economy and community.

Updated Information This story has been updated with a statement from the Georgia Department of Economic Development and Joint Development Authority of Jasper, Morgan, Newton, and Walton Counties. (The Center Square) — While Rivian Automotive paused its $5 billion plant in Georgia, state officials declined to say how — or if — they might attempt to claw back massive taxpayer-backed incentives they offered the company. In December 2021, state officials announced that Rivian planned to build a manufacturing facility in Georgia — its second U.S. plant. Georgia gave $1.5 billion in incentives and the deal was so significant that state...

MORGAN COUNTY, Ga. — Plans for electric vehicle company Rivian to build a $5 billion plant in Georgia have hit a bump in the road. Founder and CEO R.J. Scaringe announced on Thursday two new vehicles, the R2 and R3. The R2 was initially planned to be built at the Georgia plant, but production will now be focused at its existing facility in Normal, Illinois, according to a news release. [snip] They say the timing for resuming construction on the Georgia facility is “expected to be later.” The company says launching production in Illinois will save them an estimated $2.25...

Rivian’s stock price has lost 90 percent of its value since November 2021. (The Epoch Times)—Amazon-backed electric vehicle manufacturer Rivian will be laying off a part of its workforce amid “challenging” economic conditions, the company said on Wednesday, sending its share price into a nosedive. Rivian announced its Q4, 2023, and full-year results on Feb. 21, revealing that the company will be reducing its salaried workforce by roughly 10 percent. In an email to staff, CEO RJ Scaringe said that layoffs would be implemented on Thursday. “Our business is facing a challenging macroeconomic environment—including historically high interest rates and geopolitical...

Yet another electric vehicle (EV) company has fallen on hard times. California-based Rivian Automotive Inc. has had a tough week after announcing plans to cut 10 percent of its workforce and lower production targets amid a significant decline in demand for such vehicles. The news also sent its stock plummeting by 25 percent on Thursday, marking the worst day of trading in the company's history.“Our business is not immune to existing economic and geopolitical uncertainties, most notably the impact of historically high interest rates, which has negatively impacted demand,” Rivian CEO RJ Scaringe said on an earnings call on Wednesday....

Electric vehicle makers Rivian and Lucid both suffered plummeting share prices after disappointing fourth-quarter earnings reports revealed stagnant production numbers. CNBC reports that shares of electric vehicle makers Rivian and Lucid plunged on Thursday following disappointing fourth-quarter earnings reports released after markets closed on Wednesday. Rivian stock sank around 25 percent, while Lucid shares dropped nearly 17 percent. Both companies cited stagnant production numbers and “existing economic and geopolitical uncertainties” as factors impacting results. Rivian forecasts production of 57,000 vehicles in 2024 — about the same as the 57,232 vehicles manufactured in 2023. Meanwhile, Lucid predicts production of 9,000 vehicles...

EV startup stocks Rivian (RIVN) and Lucid (LCID) sank Thursday after both companies reported fourth-quarter earnings and revenue late Wednesday, and announced they are not ramping up production in 2024. Rivian reported Wednesday a loss of $1.36 per share in Q4 with sales doubling to $1.31 billion. Wall Street expected a loss of $1.35 and revenue totaling $1.28 billion. Looking to 2024, Rivian said it expects production of 57,000 vehicles, remaining flat compared with 2023. The EV startup also predicts consumer and commercial vehicle deliveries to grow by low single-digits in 2024. The company also announced that it predicts vehicle...

Rivian (RIVN) stock tanked after the bell on Wednesday after the electric adventure vehicle maker reported mixed fourth quarter results and a production and profit forecast that missed Wall Street expectations. Rivian said it sees vehicle production for 2024 hitting 57,000 units, well below the 80,000 units expected. In terms of full-year profitability, Rivian said it sees an adjusted EBITDA loss of $2.70 billion vs. $2.59 billion (est.), with capital expenditure outlays hitting $1.75 billion vs. $2.37 billion (est.). Rivian said it would cut 10% of salaried staff, citing economic uncertainty. Rivian stock fell over 15% in after-hours trading. For...

Highway guardrails may be no match for heavy electric vehicles (EVs), preliminary test results released Thursday suggest, raising concerns about the nation’s roadside safety system. The University of Nebraska-Lincoln’s Midwest Roadside Safety Facility ran a crash test examination using a nearly four-ton 2022 Rivian R1T. When the pickup truck crashed through a metal guardrail and barely slowed down before hitting a concrete barrier, it reportedly came as little surprise to the researchers.

Once an EV darling thought to revolutionize EV production with its concept of micro-factories that crank out delivery vans for the likes of Uber and UPS, UK startup Arrival is in a desperate search for funding after being delisted from Nasdaq this week. Nasdaq suspended trading of Arrival shares this week, followed by a formal delisting, Reuters reports. The action is the result of Arrival being late in posting financial results and failing to file a remediation plan and hold an annual shareholder meeting. After announcing it was slashing its workforce by 50% last year, Arrival said it had received...