Rivian Secures Fresh Kindling for Cash Furnace

Huge thanks to @BrighterwithHerbert for joining the discussion.
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Links from today's show:
President Joe Biden’s administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.
https://apnews.com/article/georgia-ri...

Today, Rivian unveiled the new, less expensive R2 electric vehicle, a more compact SUV than its R1S. It is expected to begin deliveries of the new R2 in 2026, but where it is going to be built was a question every viewer of Rivian’s live streamed event on Thursday was pondering. Rivian said that it will initially begin production of the R2 in Normal, Illinois, at its flagship manufacturing facility and plans to essentially delay the construction of the Georgia factory as it navigates financial risks.
https://www.teslarati.com/rivian-outl...

ivian has announced the conditional approval of a loan of up to $6.6 billion for its previously delayed Georgia manufacturing facility, set to help the company fund production of its upcoming R2 SUV and R3 and R3X crossovers. The U.S. Department of Energy (DOE) has granted Rivian conditional approval for the Georgia factory loan as part of its Advanced Technology Vehicle Manufacturing (ATVM) program, according to a press release shared by the automaker on Tuesday.
https://www.teslarati.com/rivian-6-6-...

Volkswagen and Rivian Officially Launch Joint Venture Agreement. The new agreement sees Volkswagen invest $5.8 billion in Rivian as part of a 50 percent stake in the joint venture focused on developing vehicle software.
https://www.caranddriver.com/news/a61...

Chart from Alojoh (AJ) on X showing how much cash each EV maker has burnt through.
https://x.com/alojoh/status/184678510...

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