EV-Maker Rivian Scores Big Loan from Biden's Government

You might have heard about Rivian, the electric vehicle (EV) maker that's been making waves. Well, they just got a huge boost from the government. President Biden's administration has agreed to give Rivian a conditional loan worth a whopping $6. 6 billion! This loan isn't just for fun, though. It's to help build a new factory where Rivian plans to make up to 400, 000 electric SUVs and crossovers. These aren't your typical luxury EVs like Rivian's R1 model. The company says these new R2 and R3 models will be more affordable, making EVs accessible to more people. Now, you might be wondering where this money is coming from. It's from the Energy Department's Loan Programs Office, which lends cash to support new technologies. This office has also given loans to other big-name EV makers like Tesla. The plan is to build this new factory in Georgia, but some folks are already questioning if this is such a great idea. Vivek Ramaswamy, who's involved in a group focusing on improving government efficiency, criticized the loan. He pointed out that the factory's construction has already been paused. He also thinks that spending $880, 000 per job created by this factory is too much. Interestingly, the incoming Trump administration might not be too thrilled about this either. They've hinted at rolling back standards that would force traditional carmakers to make more electric or hybrid vehicles. So, while this loan seems like good news for Rivian, it's sparked some debate about how the government is spending money and what the future holds for EVs.