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,

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 announced late Monday that it has received "conditional commitment" from the Department of Energy for a $6.6 billion loan to finance the construction of a new factory in Georgia.