EV Giveaway: Biden Administration Lends $6 Billion to Troubled Rivian for Electric Vehicle FactoryLucas Nolan27 Nov 2024346
3:14
The Biden administration has agreed to lend $6 billion to troubled electric vehicle manufacturer Rivian to build a new factory near Atlanta, Georgia, a massive giveaway from an administration in love with EVs.
The New York Times reports that the Biden administration has announced that it will provide a $6 billion loan to Rivian, which produces electric vehicles but has struggled significantly in recent years. The loan will be used to finance the construction of a new factory in Social Circle, Georgia, near Atlanta, where Rivian plans to manufacture midsize sport utility vehicles and hatchbacks.
The loan agreement is expected to be finalized before the inauguration of President-elect Donald J. Trump in January, making it a binding contract between the Department of Energy and Rivian. This move is seen as part of the Biden administration’s efforts to secure leftist climate policies before the incoming administration takes office.
The financing is a crucial lifeline for Rivian, which has been struggling to generate profits while selling vans to businesses and pickups and SUVs to individual consumers. The Georgia factory will complement Rivian’s existing plant in Normal, Illinois, and produce SUVs with a starting price of around $45,000, compared to the company’s current consumer vehicles, which start at approximately $70,000.
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https://www.breitbart.com/tech/2024/11/27/ev-giveaway-biden-administration-lends-6-billion-for-rivian-electric-vehicle-factory/
