Rivian Automotive on Thursday said it has renegotiated a $6.57 billion loan from the U.S. Department of Energy down to $4.5 billion and is adjusting its production expectations at an under-construction plant in Georgia.
The DOE loan was previously set to support two phases of production for a total of 400,000 units annually. The amended loan covers one phase of production with a total capacity of 300,000 vehicles, the company said Thursday.
The changes allow Rivian to draw on the loan sooner and have greater initial production but lowers its total production capacity for the plant amid uncertain demand for all-electric vehicles.
Rivian said it plans to tap into the loan in 2027, a year ahead of previously scheduled.
The automaker also said production of the company’s upcoming R2 electric vehicle is on track to begin at the facility in late 2028, following its recent start to production at its current facility in Normal, Illinois.
The EV maker announced the new loan details in connection with its first-quarter results, which included a net loss of $416 million, or 33 cents per share, down from a loss of $541 million, or 48 cents per share, a year ago. Those per-share results were not comparable to Wall Street expectations.
Rivian’s revenue for the quarter was $1.38 billion, up from $1.24 billion a year earlier and slightly ahead of the $1.36 billion expected by analysts, according to LSEG.
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