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.

Rivian Automotive stock was giving up some of its recent gains on Tuesday after the electric-vehicle maker said it had received a multi-billion-dollar loan from the U.S. government to help it make more cars.

Ticker: Shoplifting ring stole $2M in cosmetics and clothes; Biden administration to loan $6.6B to EV maker Rivian to build Georgia factory

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

The loan is a critical step for the EV maker, which had halted work on its plant after struggling to become profitable.

Rivian said it will use a $6.6 billion government loan to “aggressively” scale manufacturing of its R2, which is coming in 2026.