Rivian downsizes its goals for its EV factory in Georgia

Rivian announced some changes today with regard to the factory its building in the state of Georgia. The company was planning to build the facility in two phases, each resulting in 200,000 vehicles of annual production capacity, for a total of 400,000 units. Now the company says it is only planning for 300,000 units of annual capacity as a result of a revised loan agreement with the US Department of Energy - though its planning on hitting that annual capacity sooner than originally planned. DOE will now loan Rivian $4.5 billion, instead of the originally agreed amount of $6.6 billion, announced in the last days of the Biden administration. … Read the full story at The Verge.