Business

Rivian downsizes new EV factory after Trump’s DOE slashes loan agreement

Rivian has reduced the planned annual production capacity of its new electric vehicle factory in Georgia from 400,000 to 300,000 units, a change attributed to the U.S. Department of Energy cutting its loan agreement with the company from $6.6 billion to $4.5 billion, though Rivian plans to reach the revised capacity sooner than initially projected.