A nearly $6 billion federal loan will help electric-vehicle manufacturer Rivian restart construction of a $5 billion vehicle and battery plant near Covington.

A loan from the U.S. Department of Energy could jumpstart Rivian’s stalled plans for an EV facility in Georgia, setting the stage for mass-market electric SUVs.

The Biden administration has preliminarily said it would give a $6.6 billion loan to electric vehicle (EV) maker Rivian for a plant in Georgia.  The administration said the loan would support the

The plant is expected to produce the company’s R2 and R3 EV models, create 7,500 jobs, and expand Rivian’s footprint in the competitive EV market.

Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.

ATLANTA — The U.S. Department of Energy announced that Rivian is set to receive a nearly $6.6 billion loan to construct its Project Horizon manufacturing facility in Georgia. The proposed loan would be a combined $5.975 billion of principal and $592 million in capital interest, according to a news release on Tuesday.

New electric-vehicle plant would be able to build up to 400,000 vehicles each year, when both phases are built.

Rivian won a “conditional commitment” from the Department of Energy for a $6.6 billion loan, highlighting Rivian’s improving capital condition.

All-electric automaker Rivian Automotive announced on Monday that it received a “conditional commitment” for a $6.6B loan from the U.S. Department of Energy. If finalized, the loan would be used to aid in the construction of a $5B Rivian plant just outside Atlanta,

The U.S. Department of Energy has agreed to loan the company $6.6 billion. This loan will help Rivian build a new factory in Stanton Springs North, Georgia, to produce electric vehicles. If everything goes as planned,