The U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing Program has issued a conditional commitment of $6.6 billion to Rivian Automotive Inc. The loan consists of $6 billion principal with $600 million in capitalized interest. For those of us who have covered Detroit’s ups and downs since the 1970s, this federal backing raises practical questions. Rivian’s stock has plummeted 50% this year. The company just posted its first quarterly revenue decline since its IPO three years ago. A parts shortage in their drive unit has hampered production. RJ Scaringe, Rivian’s CEO, states: “This loan would enable Rivian to more aggressively … Continue reading Rivian Secures $6.6B DOE Loan Amid 50% Stock Drop, Delayed Georgia Plant, and Union Talks