The Biden administration foreclosed more than $6.5 billion in debt to EV maker Raven.
The Biden administration announced Thursday, Jan. 16, that it has closed on more than $6.5 billion in debt with EV maker Raven.
Straight Arrow News
Electric vehicle maker Rivian RIVN.O plans to launch its advanced hands-free driver assistance systems in 2025 and its “eyes-off” systems in 2026, CEO RJ Screenage said on Thursday.
The company also doesn’t see a significant risk to the loan for the Georgia plant from US President Donald Trump’s executive orders aimed at the EV industry.
Automakers have been racing in recent years to introduce more autonomous driving features such as lane keep assist and adaptive cruise control into their vehicles.
Rivian’s Gen 2 vehicles are currently equipped with the “Rivian Autonomy Platform”, which assists drivers but still requires their constant attention and control over the vehicle, similar to features offered by some other automakers. It’s like
Scaringe’s announcement comes amid heightened scrutiny of advanced driver assistance systems, as leading EV makers such as Tesla TSLA.O pivot to self-driving technology and robotics.
The US National Highway Traffic Safety Administration earlier this month launched an investigation into 2.6 million Tesla vehicles after reports of accidents involving a feature that allows customers to remotely control their cars.
In early January, Raven and the U.S. Department of Energy (DOE) finalized a loan agreement of up to $6.6 billion to help build the EV maker’s production facility in Georgia.
Trump on Monday rescinded a 2021 executive order issued by his predecessor Joe Biden, which aimed to ensure that half of all new vehicles sold in the United States would be electric by 2030.
In addition, Trump also called for ending a waiver that allows states to adopt zero-emissions vehicle laws by 2035 and said his administration would consider ending the EV tax credit. .
Reporting by Arshiya Bajwa in Bengaluru; Edited by Mohammad Safi Shamsi
