CosmicTaco

Biden Admin Grants $6.6B Loan to Rivian

CosmicTaco · 2024-11-27T18:00:11.570349+05:30

- The Biden administration announced a $6.6 billion loan to Rivian to resume construction of its Georgia factory. - This move aligns with Biden's goal to boost U.S. EV production, aiming for half of new car sales to be zero-emission by 2030. - Rivian's financial struggles were eased by a $5 billion investment from Volkswagen, aiding in the company's recovery. Source: [Newsweek](https://www.newsweek.com/biden-grants-rivian-6-6-billion-revive-stalled-georgia-ev-factory-1991987), [Zerohedge](https://www.zerohedge.com/markets/biden-throws-struggling-rivian-6-billion-lifeline-ev-factory)

The Biden administration announced a $6.6 billion loan to Rivian to resume construction of its Georgia factory.
This move aligns with Biden's goal to boost U.S. EV production, aiming for half of new car sales to be zero-emission by 2030.
Rivian's financial struggles were eased by a $5 billion investment from Volkswagen, aiding in the company's recovery.

Source: Newsweek, Zerohedge