Rivian (RIVN) set to receive billions in US funding for its new EV plant in Georgia
Ahead of Trump’s return to the White House, Rivian (RIVN) is set to receive what’s expected to be around $6.6 billion in funding for its second EV manufacturing plant. The new facility will be home to Rivian’s more affordable midsize R2 electric SUV.
Rivian to get billions in funding for its second EV plant
As soon as Friday, the US Department of Energy (DOE) is expected to announce billions in financing for Rivian’s new EV plant in Georgia.
Although the exact amount has yet to be finalized, according to Bloomberg, it’s expected to be around $6.6 billion. In November, the Biden administration announced a conditional commitment of up to $6.57 billion to finance the development and construction of the new GA facility.
The financing is part of the DOE’s Advanced Technology Vehicles Manufacturing (ATVM) Loan Program, which provides loans for manufacturing ATVs and related materials “that improve fuel economy” in the US.
With Trump taking office, the program will likely be challenged again. In his first term, Trump already asked Congress to remove it. The incoming administration is now looking to alter it to finance fossil fuels, which would only set the US further behind.
In November, Rivian said the loan would “provide significant funding for production of the company’s midsize platform, which underpins the R2, a midsize SUV, and R3/R3X, a midsize crossover.
Home to Rivian’s midsize R2 and R3
The EV maker explained that its upcoming R2 and R3 vehicles will be “critical drivers in the company’s long-term growth and profitability.”
Rivian plans to build the plant in two stages, each adding 200,000 units of annual production capacity. The 1,744-acre site, 40 miles east of Atlanta, consists of 44 parcels of land. Through 2030, the company is expected to create around 7,500 jobs, while another 2,000 construction jobs will be established in the region.
Rivian unveiled the midsize R2 and R3 models last March. Starting at $45,000, the R2 is nearly half the cost of an R1S and R1T.
A filing with the DOE in October revealed Rivian planned to begin operations in GA in Q3 2027, but full capacity was not expected until 2028.
According to the filing, Rivian could break ground as soon as Q2 2026 and have the first shop ready by the third quarter of next year.
The DOE said Rivian’s new plant, which will produce 400,000 EVs annually, would help reduce ” overall national emissions of air pollutants and human-caused GHGs.” Last year, Rivian produced just under 49,500 vehicles at its Normal, IL plant.
Since reporting third-quarter earnings in November, Rivian’s stock is up over 40%. However, RIVN share prices are still down around 20% over the past year and over 90% from their peak in November 2021.
Check back soon, as the announcement is expected to be finalized at any moment. We’ll keep you updated with the latest.
Source: Bloomberg, US DOE
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Slate Auto, a new EV startup backed by Jeff Bezos, has poached a key Tesla manufacturing leader to build its electric pickup truck factory in Indiana.
Napoleon Reyes is a US Marine from Indiana who got a degree in mechanical engineering from Purdue after leaving the force.
He then worked a few years at Subaru and Wabash before joining Tesla’s manufacturing team at the Fremont Factory in 2020.
There, he became part of the Model Y production ramp and was quickly promoted to lead the Model Y General Assembly in Fremont in 2022.
Reyes led Model Y GA, one of the most critical parts of vehicle manufacturing, for more than a year before being promoted again to lead new pilot processes at the factory.
Most recently, he led the launch of the general assembly line for the Model Y refresh.
The new engineering manager announced this week that he is leaving Tesla to join Slate:
A bit late on the post but after nearly 5 years working at Tesla in Fremont, I made the difficult decision to leave the Company and move closer to home with my family. It was an incredible experience being part of multiple line expansions and multiple Model Y program launches. Leading and managing the Model Y Refresh launch for GA in Fremont this year tested me professionally however we ultimately succeeded due to our amazing cross functional team collaboration. It’s been an absolute pleasure working with such great people, and I will forever be proud and thankful for everything we accomplished together.
I will be taking on a new role as Senior Manager, Plant Vehicle Engineering at Slate Auto in Warsaw, In.
Slate emerged from stealth mode earlier this year to unveil a new type of electric pickup truck featuring modular customization and an affordable price.
The company raised over $700 million through two rounds of investments from several different investors, including Jeff Bezos. It is currently raising more, which basically guarantees that it will be able to reach production.
The startup acquired a former printing plant in Warsaw, Indiana. It is currently converting to manufacture its electric pickup with a team from legacy automakers and also several former engineers and leaders from Tesla.
Rich Schmidt, an early Tesla manufacturing director, is the head of manufacturing.
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Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
Source: USPTO
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Environment
Podcast: Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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