The Biden administration cut a multi-billion dollar check for struggling electric vehicle (EV) maker Rivian Thursday, just days before President-elect Donald Trump’s inauguration.
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…
