- Rivian has revamped plans for their new factory in Georgia.
- Facility will now be able to build 300,000 units annually.
- DOE loan has been cut from $6.6 billion to $4.5 billion.
The R2 recently went into production in Normal, Illinois, and Rivian expects it to be a success. As a result, they’ve announced a new plan for their Stanton Springs North plant in Georgia.
Under the new strategy, the automaker is increasing the plant’s initial production capacity to 300,000 vehicles annually. That’s 100,000 units more than the original target and Rivian said the change will “facilitate a lower cost per unit, while also providing significant room for future expansion of capacity in later phases.”
More: Biden Admin Finalized Rivian’s $6.6 Billion Loan Before Trump Took Office
As part of the change, Rivian worked closely with the Department of Energy to update its original $6.6 billion loan. Its value has been reduced to $4.5 billion and is “aligned with the updated facility design and roadmap for the initial phase.”
The devil is in the details, with CNBC reporting that the loan was originally structured for two phases of production and an annual capacity of 400,000 units. The new agreement reportedly just has one phase and enables Rivian to “draw on the loan sooner and have greater initial production.”
Rivian expects to start using those funds in 2027, and the plant is scheduled to begin production in late 2028. Vertical construction is set to begin this spring, and “preparations are underway for the development of the stamping press area, one of the most capital-intensive and technically demanding projects within the plant from a construction perspective.”
Q1 Results
Besides the Georgia plant changes, Rivian announced its first-quarter results. The automaker built 10,236 vehicles and delivered 10,365 to customers.
Consolidated revenue increased 11% to $1.38 billion, and the company posted a $416 million net loss for the quarter. That’s down from a $541 loss in Q1 2025, but they “benefited from a $506 million gain in other income related to the Series A capital raise and related deconsolidation of Mind Robotics.”
Their outlook for 2026 isn’t stellar as they’re expecting to deliver between 62,000 and 67,000 vehicles. While those are decent numbers, their adjusted EBITDA is a $1.8 – $2.1 billion loss.
