Rivian paused work on the plant earlier this year amid financial difficulties. The factory is supposed to produce midsize and crossover SUVs.

President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.

The Biden administration has preliminarily said it would give a $6.6 billion loan to electric vehicle maker Rivian for a plant in Georgia. The administration said the loan would support the

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.

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 company plans to produce R2 vehicles, a smaller SUV, in Georgia with lower price tags aimed at a mass market.

Key Takeaways Rivian announced late Monday that the EV startup has received initial approval for a loan from the U.S. government to build a factory in Georgia.The company could receive a $6.6 billion loan from the Department of Energy's Advanced Technology Vehicle Manufacturing program,