Biden Administration Awards $6.6 Billion Loan to EV Maker Accused of Defrauding Investors
Energy,Sustainability,Clean Energy,Pollution,Electric Vehicles,Environment
The Biden administration announced Tuesday it is loaning $6.6 billion to an electric-vehicle maker facing accusations of defrauding investors.
The Department of Energy’s Loan Program Office is awarding $6.6 billion to a subsidiary of Rivian Automotive to construct Project Horizon, an electric-vehicle factory in Georgia east of Atlanta. Rivian previously paused construction of the $5 billion Georgia facility earlier this year to cut costs and speed up production.
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” Rivian founder and CEO R. J. Scaringe.
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