Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
The Biden-Harris administration announced a multi-billion dollar loan for electric vehicle (EV) maker Rivian Monday as the company continues to hemorrhage cash.
Rivian lost $1.1 billion and saw its revenue fall nearly $500 million in the third quarter of 2024 as a slackening of consumer demand for EVs hampered the industry’s growth. Now, the U.S. Department of Energy (DOE) has agreed to a conditional commitment to loan the automaker roughly $6.6 billion to help finance the construction of its manufacturing facility in Georgia, according to a press release from the DOE’s Loan Programs Office (LPO).
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” RJ Scaringe, Rivian founder and CEO, wrote in a press release Monday. “A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.”
Rivian lost $1.1 billion and saw its revenue fall nearly $500 million in the third quarter of 2024 as a slackening of consumer demand for EVs hampered the industry’s growth. Now, the U.S. Department of Energy (DOE) has agreed to a conditional commitment to loan the automaker roughly $6.6 billion to help finance the construction of its manufacturing facility in Georgia, according to a press release from the DOE’s Loan Programs Office (LPO).
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” RJ Scaringe, Rivian founder and CEO, wrote in a press release Monday. “A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.”
