So the Biden Administration is retaliating against Tesla because their owner helped their political opponents. @elonmusk should should sue.
— James Dunn 🦡🇺🇸 (@dunnrightpodcst) November 26, 2024
he Biden administration has committed $6.6 billion in taxpayer money to Rivian Automotive, a loan aimed at jumpstarting a factory construction in Georgia. The factory, which had been paused due to Rivian’s financial troubles, will now focus on manufacturing electric vehicles (EVs) like the R2 and R3 models, with production set for 2028.
This move, coming from the Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program, aims to support Rivian’s ability to scale U.S. EV manufacturing. In return, the factory is expected to create 7,500 new American jobs by 2030.
Critics argue that the Biden administration’s decision is politically motivated, pointing to Rivian’s strained financial status and its dependence on federal backing to proceed. Rivian’s future, however, is now tied to this substantial government loan, as they work to regain investor confidence.
As Rivian moves forward with this initiative, questions remain about the long-term sustainability of the company, and whether the loan can ensure the automaker’s viability in an increasingly competitive EV market.
https://thehill.com/policy/energy-environment/5010187-biden-loan-rivian-georgia-factory/