BUZZ-Rivian rises after finalizing $6.6 bln DOE loan for Georgia plant

Reuters

01-17

** Shares of electric vehicle startup Rivian Automotive

up 4.02% at $15.03 premarket

** RIVN and U.S. Department of Energy (DOE) finalized loan agreement for up to $6.6 bln to support future Georgia manufacturing site

** Fund to create 7,500 jobs in manufacturing and expand production of R2 SUV and R3 crossover

** Construction expected to begin in 2026; production of customer vehicles expected to take place in 2028

** RIVN stock had jumped 24.5% on Jan 3 after reporting upbeat Q4 deliveries, but has since fallen 12.6% as of last close

** Volkswagen is considering ways to deepen partnership with RIVN, CEO Oliver Blume told Spiegel magazine in comments published on Friday

** Separately, shares of hydrogen fuel cell maker Plug Power

rise 1.82% to $2.79, after co closes $1.66 bln loan guarantee from U.S. DOE's loan programs office

** In 2024, RIVN stocks fell 43.31%, while PLUG dropped 52.7%

(Reporting by Sanchayaita Roy in Bengaluru)

((sanchayaita.roy@thomsonreuters.com))

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production of customer vehicles expected to take place in 2028    ** RIVN stock had jumped 24.5% on Jan 3 after reporting upbeat Q4 deliveries, but has since fallen 12.6% as of last close   ** Volkswagen    is considering ways to deepen partnership with RIVN, CEO Oliver Blume told Spiegel magazine in comments published on Friday   ** Separately, shares of hydrogen fuel cell maker Plug Power  rise 1.82% to $2.79, after co closes $1.66 bln loan guarantee from U.S. DOE's loan programs office   ** In 2024, RIVN stocks fell 43.31%, while PLUG dropped 52.7%  (Reporting by Sanchayaita Roy in Bengaluru)((sanchayaita.roy@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0}}}