Biden Admin Cuts Failing EV Company Fat Check on Its Way Out the Door
18th January 2025
The carmaker hemorrhaged cash in 2024 amid a widespread slackening in demand for EVs, losing roughly $4 billion in the first three quarters of 2024 alone. Now, lame duck President Joe Biden’s Department of Energy (DOE) has tossed the struggling company a $6.57 billion loan to finance the construction of a manufacturing plant in Stanton Springs North, Georgia, according to a DOE press release. (RELATED: Biden’s Green Loan Office Offers Up A Staggering $22 Billion In Admin’s Final Hours)
“This loan will help us accelerate the launch of our Georgia plant for R2 [SUV] and R3 [crossover], providing thousands of jobs in the state,” Rivian Founder and CEO RJ Scaringe said in a Thursday statement announcing the loan’s finalization. “People are incredibly excited to get behind the wheel of our new models, and this additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry.”