Rivian said Monday that the company has received a loan of up to $6.6 billion conditionally approved by the US Department of Energy to build the electric car maker's production facility in Georgia. The California-based startup said in a statement that the Georgia plant will begin operations in 2028, where Rivian plans to produce future cars, such as smaller and cheaper R2 SUVs and R3 crossovers. Rivian shares have fallen by about 50% since this year, as the young company has been struggling to produce its spacious electric SUVs and pickups, while also dealing with a shortage of parts and trying to cut costs.

Rivian said Monday that the company has received a loan of up to $6.6 billion conditionally approved by the US Department of Energy to build the electric car maker's production facility in Georgia. The California-based startup said in a statement that the Georgia plant will begin operations in 2028, where Rivian plans to produce future cars, such as smaller and cheaper R2 SUVs and R3 crossovers. Rivian shares have fallen by about 50% since this year, as the young company has been struggling to produce its spacious electric SUVs and pickups, while also dealing with a shortage of parts and trying to cut costs.