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

Plug Power

17/01/2025 11:11

** Shares of electric vehicle startup Rivian Automotive
 RIVN.O  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  VOWG_p.DE  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
 PLUG.O  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))