Key Takeaways

Rivian Automotive ( RIVN ) shares rose Friday, a day after the electric vehicle maker announced it had finalized a federal loan worth up to $6.6 billion to build a factory in Georgia.

The company said the money from the Department of Energy's Loan Programs Office would be in the form of $6 billion in principal and about $600 million in capitalized interest .

Rivian plans to have the manufacturing plant in Stanton Springs North, near Social Circle, Ga., which the company noted was "less than one hour's drive from downtown Atlanta." It will be used to accelerate production of its new R2 SUV and R3 crossover, "while supporting the creation of 7,500 new manufacturing jobs," Rivian said.

"This additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry," Rivian founder and CEO RJ Scaringe said.

Rivian Expects to Begin Construction in 2026

Construction is expected to begin in 2026, with production seen commencing in 2028.

Shares of Rivian Automotive rose 3% Friday morning but are down more than 10% over the past year.

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