Rivian Automotive has submitted an application for a federal loan to support the construction of its electric vehicle factory in Georgia, as per a filing by the U.S. Department of Energy.
Although Rivian has made the loan request, a final decision has not been reached by the department, and the filing does not disclose the specific amount or terms of the loan.
According to the filing, the facility is expected to commence partial operations in the third quarter of 2027, with full production capacity set to be achieved in 2028.
Requests for comment from Rivian have not been immediately answered.
The electric vehicle manufacturer had temporarily halted construction on its planned $5 billion factory in Georgia to focus on accelerating the production of vehicles on the R2 midsize platform and preserving cash.
In an effort to save $2.25 billion and expedite production, Rivian relocated the manufacturing of its R2 midsize SUV — a competitor to Tesla’s Model Y — to its Illinois facility, with production slated to commence in 2026.
Rivian had previously received a $827 million incentive package from the State of Illinois to expand operations at its Normal facility, where it also produces electric delivery vans for Amazon.com.
In 2022, the company secured $1.5 billion in state and local incentives for the Georgia facility.
Earlier in the day, the Amazon-backed EV firm revised its annual production forecast downwards and fell short of third-quarter delivery expectations due to a parts shortage and a slowdown in EV demand.
As of the end of June, Rivian had $5.76 billion in cash and cash equivalents and a long-term debt of $5.53 billion.
In June, German automaker Volkswagen announced a $5 billion investment in Rivian as part of a new joint venture to collaborate on EV architecture and software.