12/04/2024
The U.S. The Department of Energy announces a $6.6 billion loan to Rivian to build an EV factory in Georgia. The automaker is one of the beneficiaries of a last-minute push by the Biden administration to prop up EVs before Donald Trump returns to the White House. Nobody understands the value of the loan program better than Trump’s right-hand man, Elon Musk, who would likely not be the world’s richest man today if Tesla hadn’t scored $465 million from the same program in 2009. These days, however, Musk is curiously less supportive of subsidies for fledgling EV makers.
The loan was approved before Trump takes office.