People check out a new Rivian R2 midsize SUV during a preview at the showroom in Chicago’s Streeterville neighborhood, Friday, April 24, 2026.
Josh Boland | Chicago Tribune | Tribune News Service | Getty Images
Rivian Automobile announced Thursday that it had renegotiated a $6.57 billion loan from the U.S. Department of Energy to $4.5 billion and adjusted its production forecast at a plant under construction in Georgia.
The DOE loan was previously expected to support two phases of production for a total of 400,000 units per year. The modified loan covers a production phase with a total capacity of 300,000 vehicles, the company announced on Thursday.
The changes allow Rivian to qualify for the loan sooner and have higher initial production, but reduce its total production capacity for the factory amid uncertain demand for fully electric vehicles.
Rivian said it plans to tap the loan in 2027, a year ahead of schedule.
The automaker also said production of its upcoming R2 electric vehicle is on track to begin at its facilities in late 2028, following the recent start of production at its current plant in Normal, Illinois.
The electric vehicle maker announced the new loan details in conjunction with its first-quarter results, which included a net loss of $416 million, or 33 cents per share, down from a loss of $541 million, or 48 cents per share, a year ago. These earnings per share were not comparable to Wall Street’s expectations.
Rivian’s revenue for the quarter was $1.38 billion, up from $1.24 billion a year earlier and slightly higher than the $1.36 billion expected by analysts, according to LSEG.