Rivian Stock Is Racing Higher After Hours: What's Going On?

Rivian Automotive Inc RIVN shares are charging higher in Thursday’s after-hours session after the company finalized a loan agreement with the U.S. Department of Energy (DOE).

What Happened: After the market close on Thursday, Rivian announced it closed its loan agreement with the DOE Loan Programs Office for up to $6.6 billion in financing to support the construction of its next manufacturing facility in Georgia. Rivian said the funds will help support the creation of 7,500 new manufacturing jobs.

Construction of Rivian’s Georgia manufacturing facility is expected to begin in 2026 with production of customer vehicles expected to follow in 2028. 

“This loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state,” said Rivian founder and CEO RJ Scaringe. “People are incredibly excited to get behind the wheel of our new models, and this additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry.”

The loan will be split across two phases of Rivian’s Georgia facility, with the first phase expected to have a loan size of up to $3.4 billion and the second phase expected to have a loan size of up to $2.6 billion.

Truist Securities analyst Jordan Levy maintained Rivian with a Hold rating on Thursday and raised the price target from $12 to $14. UBS analyst Joseph Spak maintained a Neutral rating and raised the price target from $11 to $14.

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RIVN Price Action: Rivian shares were up 5.33% in after-hours, trading at $15.19 at the time of publication Thursday, according to Benzinga Pro.

Photo: Courtesy of Rivian.