The plant is expected to produce the company’s R2 and R3 EV models, create 7,500 jobs, and expand Rivian’s footprint in the competitive EV market.

The Energy Department said the loan would substantially boost electric vehicles made in the United States and support Biden’s goal of having zero-emission vehicles make up half of all new US sales by 2030.

Months after Rivian halted construction of its east Georgia factory, a lifeline from the federal government could help it restart the highly anticipated project. Why it matters: Rivian's planned 2,000-acre compound roughly 50 miles east of Atlanta,