$RIVN (+5,16%) Rivian announced on Monday that it had received conditional approval for a loan of up to 6.6 billion US dollars from the US Department of Energy to build the electric vehicle manufacturer's production facility in Georgia.
Operations at the Georgia plant, where Rivian plans to manufacture future vehicles such as the smaller, less expensive R2 SUVs and R3 crossovers, are expected to begin in 2028, the California-based startup said in a statement.