Connect with us

Hi, what are you looking for?

Tech News

Rivian gets $6.6 billion government loan to build its EV factory in Georgia

Rivian factory in Normal, Illinois
Brian Cassella/Chicago Tribune/Tribune News Service via Getty Images

The US Department of Energy will loan Rivian $6.6 billion to build an electric vehicle factory in Georgia, 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.

Rivian said it received “conditional commitment” for its…

Continue reading…

You May Also Like

Editor's Pick

Krit Chanwong and Scott Lincicome In a new Cato policy analysis out today, September 19, we show that state and local corporate subsidies have...

Editor's Pick

David Inserra Last week, Australia dropped its revised Combatting Misinformation and Disinformation Bill 2024, and it’s about two sandwiches short of a picnic. The...

Editor's Pick

So the first Fed rate cut is behind us, and we are no longer in a “higher for longer” period, but in a new...

Tech News

4K TVs like the Sony A95L don’t come cheap, but they’re a bit easier to acquire right now. | Image: Sony Black Friday wouldn’t...