$6.6B Rivian Loan for Georgia Plant - $7.5B for Stellantis Indiana battery plant

Wonder if they can cement this before Elon has djt rescind it or if Elon will use iit for justification for his $100B gubmnt loan to build his own AI?

It is for work in Georgia. Will be interesting to see how the cost cutting goes and which states get impacted the most.

Biden administration to loan $6.6B to EV maker Rivian to build Georgia factory that automaker paused

ATLANTA (AP) — President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.

It's unclear whether the administration can complete the loan before Donald Trump becomes president again in less than two months, or whether the Trump administration might try to claw the money back.
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But Rivian was unable to meet production and sales targets and rapidly burned through cash. In March, the company said it would pause construction of the Georgia plant. The company said it would begin assembling its R2 SUV in Illinois instead. CEO RJ Scaringe said the move would allow Rivian to get the R2 to market more quickly, sometime in 2026, and save $2.25 billion in capital spending. Since then, German automaker Volkswagen AG said in June it would invest $5 billion in Rivian in a joint venture in which Rivian would share software and electrical technology with Volkswagen. The money eased Rivian's cash crunch.

Tuesday's announcement throws a lifeline to Rivian's grander plans. The company says its plans to make the R2 and the smaller R3 in Georgia are back on. The money would come from the Advanced Technology Vehicles Manufacturing Loan Program, which has $17.7 billion to provide low-cost loans to make fuel-efficient vehicles and components. The program has focused mostly on loans to new battery factories for electric vehicles in recent years but also helped finance the initial production of the Tesla Model S and Nissan Leaf, two electric vehicle pioneers in the U.S.

 

waiting on toyota solid state battery myself. just hope we can get 2 - 3 more years out of wife hybrid
Toyota to launch solid-state battery production by 2026

 

add this here

$7.5B for stellantis if they can get the ink dry in time..

Biden Offers $7.5 Billion for Samsung SDI-Stellantis Battery Hub

(Bloomberg) -- A joint venture between Samsung SDI Co. Ltd. and Stellantis NV to create battery manufacturing plants in Indiana is being offered $7.54 billion in financing from the Biden administration.

The conditional loan to StarPlus Energy LLC would fund as many as two lithium-ion battery cell and module manufacturing plants in Kokomo, Indiana for use in electric vehicles manufactured by Stellantis, the Energy Department announced Monday.