Irvine electric-vehicle maker Rivian has conditional approval for a $6.6-billion loan to fund the construction of a new plant in Georgia.

The plant is expected to produce the company’s R2 and R3 EV models, create 7,500 jobs, and expand Rivian’s footprint in the competitive EV 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,