The Department of Energy (DOE) is working to finalize a $6 billion loan to fund construction for an electric vehicle facility in Georgia.
The Biden administration is seeking to hand out a multi-billion dollar federal loan to fund a large scale electric vehicle manufacturing plant just months before the president’s term ends.
The Department of Energy announced on Monday that they will be giving Rivian Automotive, an EV manufacturer, a $6.57 billion loan to finance construction of a 9 million-square-foot electric vehicle facility in Georgia, called Project Horizon.
The DOE said that the initiative «supports the Biden-Harris Administration’s goal that half of all new vehicles sold in 2030 be zero-emissions», an EV target likely to be tossed out by the incoming administration under President-elect Donald Trump.
