Rivian Delays $6.6B Federal Loan Drawdown Until 2028 Amid Political Risks
Rivian Automotive will defer accessing its $6.6 billion Department of Energy loan until after completing construction of its Georgia plant, targeting 2028. CFO Claire McDonough confirmed the timeline during remarks in Detroit, noting reimbursement would occur post-construction but pre-production. The loan, finalized in January during Biden's administration, faces potential scrutiny as former President TRUMP has historically opposed clean energy subsidies.
Energy Secretary Chris Wright's May comments about halting several Biden-era loans add another LAYER of uncertainty. Rivian's planned 2028 drawdown coincides with the next U.S. presidential election, injecting political volatility into the financing strategy. The Georgia facility, slated for 2025 groundbreaking, will manufacture upcoming R2 and R3 models alongside initial R2 production in Illinois starting 2026.
