Rivian's potential $6.6 billion DoE loan catches eye of Musk-Ramaswamy's DOGE
Vivek Ramaswamy, Tesla CEO Elon Musk’s co-head of the Trump administration’s Department of Government Efficiency (DOGE), has expressed his intentions to scrutinize a federal loan awarded to Rivian Automotive.
The Biden administration recently approved a $6.6 billion loan to Rivian, aiming to bolster the production at the company's future factory in Georgia. The Georgia factory is expected to be the site where Rivian mass-produces the R2, R3, and R3X, its mass-market vehicles.
Ramaswamy, who will join forces with Musk at DOGE, has raised concerns about the allocation, suggesting that the funds might be more politically motivated than economically justified. In a post on X, Ramaswamy stated:
Biden is forking over $6.6B to EV-maker Rivian to build a Georgia plant they’ve already halted. One “justification” is the 7,500 jobs it creates, but that implies a cost of $880k/job which is insane. This smells more like a political shot across the bow at @elonmusk & @Tesla. https://t.co/YYLW3fk1jX
— Vivek Ramaswamy (@VivekGRamaswamy) November 26, 2024
"Biden is forking over $6.6B to EV-maker Rivian to build a Georgia plant they've already halted. One 'justification' is the 7,500 jobs it creates, but that implies a cost of $880k/job which is insane. This smells more like a political shot across the bow at @elonmusk & @Tesla.”
The incoming Trump administration, set to assume office in January 2025, has not yet provided an official stance on the loan. Yet, with Ramaswamy's vocal skepticism and DOGE's directive of cutting as much waste from federal government spending, the future of Rivian's loan may be hanging in a balance of political and economic considerations.
It should be noted that Elon Musk’s own Tesla was also the recipient of a loan from the Department of Energy in 2010. At the time, Tesla was provided a substantial $465 loan that ultimately helped the company stay afloat and grow into the EV behemoth it is today. Tesla paid its DoE loan early in May 2013, and with interest.
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