Not Quite as PlannedThe Rivian R2 is seen as the brand’s lifeline, aiming to cut into sales of the Tesla Model Y – the best-selling electric vehicle in the U.S. last year. Rivian plans to support R2 production with a new assembly plant in Georgia, but according to Automotive News, the project has just hit a hurdle.The report stated that the federal loan for the project was cut by $2 billion, bringing it down to $4.5 billion. The funding comes from the Department of Energy and is intended to help boost EV and battery production. While it may be too early to tell what the cut means for Rivian and the R2, CEO RJ Scaringe pointed to a silver lining during the company’s Q1 earnings call.
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Author: Rex Sanchez
