Rivian to Draw On $6.6B US Government Loan After Georgia Plant Buildout

Rivian CFO Claire McDonough said the automaker will not tap its $6.6 billion US government loan until after completing its new factory in Georgia but before production begins in 2028.

The company expects to break ground on the plant next year, using funds from the US Department of Energy loan program once construction is finished.

Loan timing aligns with Rivian’s long-term expansion goals

McDonough confirmed that the $6.6 billion loan, finalized in January, will support Rivian’s expansion strategy as it scales toward profitability. “It’d be prior to starting production in 2028 that we’d be drawing down the loan,” she told reporters during an event in Detroit. This should ensure that the company maintains financial flexibility during the buildout phase, according to Bloomberg.

The Georgia plant will play a key role in producing Rivian’s next-generation models, including the R2 and R3. The company plans to begin manufacturing the R2 in 2026 at its existing facility in Normal, Illinois, before transferring production and expanding capacity at the new site. The $6.6 billion loan, which is one of the largest awarded to an EV manufacturer under the Department of Energy’s program, highlights Rivian’s commitment to scaling efficiently while maintaining capital discipline.

Rivian targets operating profit by 2028 as Illinois plant ramps up

Rivian is also focused on achieving operating profitability within the same timeframe. McDonough reaffirmed that goal, citing plans to reach full annual production of 200,000 vehicles at the Illinois facility. “Ramping up the Normal facility to 200,000 would get us to Ebitda,” she said, referencing earnings before interest, taxes, depreciation, and amortization.

The company previously projected an adjusted Ebitda loss of up to $2.25 billion in 2025, but Rivian expects steady progress toward breakeven as manufacturing efficiencies improve. With its expansion roadmap and government-backed financing secured, Rivian aims to enter 2028 as a more mature, financially stable EV producer positioned for long-term growth.

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