Biden Throws Struggling Rivian $6 Billion Lifeline For EV Factory
The Biden-Harris administration is rushing to spend taxpayer funds before President-elect Trump takes office. To start the week, the administration directed nearly $8 billion to Intel and now billions more to save struggling electric vehicle manufacturer Rivian Automotive.
On Tuesday, the US Department of Energy announced it would offer a direct loan of up to $6.57 billion (including $5.975 billion of principal and $592 million of capitalized interest) to finance Rivian's EV factory in Stanton Springs North, near the City of Social Circle, Georgia. The project was shelved in early March over the urgent need to reduce costs.
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