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

Discussion in 'Too Hot for Swamp Gas' started by G8trGr8t, Nov 26, 2024.

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  1. Nov 26, 2024 #1
    G8trGr8t

    G8trGr8t Premium Member

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    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.
    ....................
    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.
     
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  2. Nov 26, 2024 #2
    BLING

    BLING GC Hall of Fame

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    I’ve seen several of the Rivian SUV’s and trucks on the road around here as well as the Lucid Air. That R3 potentially hits a sweet spot for me if it ever took off. But I wouldn’t sink $50k into something that potentially couldn’t get serviced (let alone $80k or $100k).

    I’m 50 miles to the nearest Tesla service center and who knows how far to Rivian. I definitively don’t trust Tesla service (esp now because of Elon), but as of now I trust those other guys even less because they just don’t have volume.
     
  3. Nov 26, 2024 #3
    G8trGr8t

    G8trGr8t Premium Member

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    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
     
  4. Nov 26, 2024 #4
    channingcrowderhungry

    channingcrowderhungry Premium Member

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    Bottom of a pint glass
    There's one of the trucks in my neighborhood and it's really a good looking car but not for the price
     
  5. Nov 26, 2024 #5
    Donzo

    Donzo GC Hall of Fame

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    Do you know the difference between loans and cost cutting expenditures?

    Ga is red again. Trump is lookin' to dump Ossoff and create jobs. Rivian is safe. If this was in CA, then there might be some issues.
     
  6. Nov 26, 2024 #6
    G8tas

    G8tas GC Hall of Fame

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    We won't see a mass production hybrid solid state battery powered vehicle until next decade.
     
  7. Nov 26, 2024 #7
    gatorpa

    gatorpa GC Hall of Fame

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    Do you have any basis to not trust Tesla service or is just because you don’t like Musk now?
     
  8. Nov 26, 2024 #8
    WarDamnGator

    WarDamnGator GC Hall of Fame

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    Rivian makes those electric Amazon vans, which I see all over now. It’s bad advertising on Rivians part because it’s really hard to find their name on those vans….
     
  9. Nov 26, 2024 #9
    gatorpa

    gatorpa GC Hall of Fame

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    Volkswagen and Quantumscape may be closer then that.
     
  10. Nov 26, 2024 #10
    BLING

    BLING GC Hall of Fame

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    Both.
     
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  11. Nov 27, 2024 #11
    demosthenes

    demosthenes Premium Member

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    My R1S is the best car I’ve ever driven, by far. Well, it was until an asshat in a Ram 3500 totaled it.
     
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  12. Nov 27, 2024 #12
    demosthenes

    demosthenes Premium Member

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    You can thank Amazon for that. They invested billions in Rivian then decided they didn’t want anyone to know the vans were made by Rivian.
     
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  13. Nov 29, 2024 #13
    demosthenes

    demosthenes Premium Member

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  14. Nov 29, 2024 #14
    wygator

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    Great deal!! Only $800,000 per job.
     
  15. Nov 29, 2024 #15
    demosthenes

    demosthenes Premium Member

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    You share a moronic take with Vivek. It’s a capital improvement that will last decades, and further it’s a loan, not an investment. The cost of the loan includes capitalized interest.
     
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  16. Nov 30, 2024 #16
    mdgator05

    mdgator05 Premium Member

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    They can't all be Foxconn plants in Wisconsin...
     
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  17. Nov 30, 2024 #17
    wygator

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    Now tell me about the federal record with green energy loans and their repayment. Thank you
     
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  18. Nov 30, 2024 #18
    ThePlayer

    ThePlayer VIP Member

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    [​IMG]
     
  19. Nov 30, 2024 #19
    demosthenes

    demosthenes Premium Member

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    For this loan program the government has earned approximately $3B in interest and had approximately $200M in defaults. What’s your next objection?
     
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  20. Dec 2, 2024 #20
    G8trGr8t

    G8trGr8t Premium Member

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    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.
     
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