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Rivian gets $6.6 bln conditional loan
approval to build Georgia EV plant

Original Article

Posted By: sunset, 11/26/2024 3:07:27 AM

Rivian (RIVN.O), opens new tab said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia. The announcement comes ahead of the inauguration of President-elect Donald Trump, who is expected to undo many of the Biden administration's EV-friendly policies and incentives. Operation of the Georgia plant, where Rivian plans to build future vehicles such as its smaller, less expensive R2 SUVs and R3 crossovers, will begin in 2028, the California-based startup said in a statement.

Comments:

Imagine that. Democrats are boosting the taxpayers national debt by giving a bunch of globalist corporations 6.6 billion for a car factory, and even picking up part of the car purchase price. Seems all those corporate owners should build the factory on their own dime. President Trump, Save us. Rivian Automotive, Inc.'s (RIVN) major shareholders include: Amazon: The largest shareholder with 16% ownership Abdul Latif Jameel IPR Company Limited: Owns 11% of the company The Vanguard Group, Inc. Owns 7% of the company Robert Scaringe, the CEO: Owns 1.1% of the company Global Oryx Group Holding Co. Ltd. Owns 10.64% of the company Baillie Gifford & Co: Owns 5.033% of the company Blackrock Inc. Owns a significant portion of the company FMR, LLC: Owns a significant portion of the company

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Reply 1 - Posted by: NullUnit60 11/26/2024 3:43:20 AM (No. 1842875)
Rivian will be lucky to survive the year. This loan is a guaranteed to default, leaving the taxpayer on the hook for the balance (likely all of it). The Good Ol' Boys Network strikes again!
27 people like this.

Reply 2 - Posted by: DiegoDude 11/26/2024 4:02:23 AM (No. 1842878)
Wasn't Rivian closing a plant due to financial problems? So we give more money to a failing company?
21 people like this.

Reply 3 - Posted by: jayjeti 11/26/2024 4:08:20 AM (No. 1842881)
EV sales are on the decline, and Trump is not apt to subsidize them anymore; it's a waste of tax dollars. DOGE needs to sweep up this government inefficiency.
30 people like this.

Reply 4 - Posted by: Birddog 11/26/2024 4:42:44 AM (No. 1842891)
Last I heard , Rivian was LOSING around $100,000 per vehicle...soooo...A Purrrfect Obama/Biden "Govt Partner" corp. Will Hunter or an Obama daughter get a Board seat? Had Musk built a more "Conventional Truck", Rivian would already be history, closed up,...gone.
15 people like this.

Reply 5 - Posted by: rikkitikki 11/26/2024 6:24:28 AM (No. 1842905)
And all of that, to satisfy an assumed mandate to reduce CO2, a mandate that itself is based on the biggest fraud perpetrated on the entire world in its entire history...that anthropogenic global warming is bona fide.
18 people like this.

Reply 6 - Posted by: rikkitikki 11/26/2024 6:25:08 AM (No. 1842906)
Follow the money....look for the 10% rebated to the Big Guy.
11 people like this.

Reply 7 - Posted by: tootall 11/26/2024 7:28:46 AM (No. 1842952)
It would be great if someone could figure out a way to pause this LOC for 60 days or so until DOGE could 'look' at it!
10 people like this.

Reply 8 - Posted by: LanceLink1 11/26/2024 7:52:29 AM (No. 1842973)
Crescent Dunes II
8 people like this.

Reply 9 - Posted by: msjena 11/26/2024 8:14:07 AM (No. 1842987)
The government is funding competition for Tesla.
9 people like this.

Reply 10 - Posted by: stablemoney 11/26/2024 8:28:44 AM (No. 1843005)
If Rivian has a promising idea, why can't they raise any money in the capital markets? This is another taxpayer ripoff.
14 people like this.

Reply 11 - Posted by: starsNstripes 11/26/2024 8:51:49 AM (No. 1843033)
Somehow I smell Gov Kemp in all of this...
5 people like this.

Reply 12 - Posted by: mc squared 11/26/2024 9:12:26 AM (No. 1843061)
Note to Rivian: Call Ford - Truck division.
6 people like this.

Reply 13 - Posted by: joew9 11/26/2024 10:00:29 AM (No. 1843125)
For all the so called green stuff the money is in the facility construction. Not in the operation.
0 people like this.

Reply 14 - Posted by: earlybird 11/26/2024 11:18:07 AM (No. 1843189)
FTA Rivian must satisfy certain technical, legal, environmental, and financial conditions before the energy department grants the loan, said the company. ++++ That should take time...
3 people like this.

Reply 15 - Posted by: Sorosisbehindit 11/26/2024 11:19:00 AM (No. 1843192)
#1 It was never intended that Rivian will survive. As was the case with obama's buddies - this is graft and kickbacks in plain site...under the umbrella of green.
4 people like this.

Reply 16 - Posted by: Jesuslover54 11/26/2024 11:41:26 AM (No. 1843202)
The bigger the toilet the more you can flush.
0 people like this.

Reply 17 - Posted by: Safari Man 11/26/2024 11:44:29 AM (No. 1843204)
Quick... steal as much as you can before Trump get here.
1 person likes this.

Reply 18 - Posted by: cor-vet 11/26/2024 1:11:49 PM (No. 1843246)
They might as well name the 1st model truck they produce the 'Solindra'!
3 people like this.

Reply 19 - Posted by: DVC 11/26/2024 2:25:29 PM (No. 1843302)
A bankrupt company, who makes a product which very few want to buy, is being funded by the government to build a huge factory to make vehicles that essentially nobody wants to buy. The factory is DOA, should not be built.
3 people like this.

Reply 20 - Posted by: DVC 11/26/2024 3:03:22 PM (No. 1843335)
Cancel the loan and stop the work as soon as Trump is in office. This is a total money pit. Nothing good will ever come of it. Claw back any money that can be recovered.
3 people like this.

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