Rivian Shares Surge Over 4% In Friday Pre-Market Following $6.6 Billion DOE Loan Agreement

Rivian Automotive Inc RIVN experienced a 4.02% increase in pre-market trading on Friday, according to Benzinga Pro. This comes after the company finalized a significant loan agreement with the U.S. Department of Energy (DOE) on Thursday.

The DOE Loan Programs Office has committed up to $6.6 billion in financing to Rivian. This funding will support the construction of a new manufacturing facility in Georgia, which is expected to create 7,500 jobs. Construction is slated to start in 2026, with vehicle production anticipated by 2028.

Rivian founder and CEO RJ Scaringe stated, "This loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state." The loan is divided into two phases, with the first phase receiving up to $3.4 billion and the second up to $2.6 billion.

As per Benzinga Pro data, analyst ratings for Rivian vary, with a consensus price target of $15.83. The highest target of $28 was set by Canaccord Genuity, while the lowest of $11 was issued by Mizuho. Recent ratings from UBS, Truist Securities, and Cantor Fitzgerald suggest an average price target of $13.67, indicating a potential downside.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image via Shutterstock