Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.

Electric automaker Rivian Automotive revealed on Tuesday that it has received conditional approval for a loan of up to $6.6 billion under the U.S. Department of Energy's (DOE) Advanced Technology Vehicle Manufacturing (ATVM) Loan Program to expand its electric vehicle manufacturing in the United States.

Rivian Loan Approval: "This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,

Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia. The announcement comes ahead of the inauguration of President-elect Donald Trump,

The conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing program includes $6 billion in principal and approximately $600 million in capitalized interest.

Rivian Automotive Inc. won preliminary approval for a $6.6 billion federal loan that will help support the construction of its delayed Georgia electric-vehicle plant.

Car manufacturer Rivian (NASDAQ:RIVN) received conditional approval for loan up to $6.6 billion from the U.S. Department of Energy’s to support the construction of its EV manufacturing plant in Georgia.