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BFD Expert Voices - Climate Deals

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On the same block as a beer garden and a hipster comic book store, electric vehicle maker Rivian on Thursday opened a Hayes Valley showroom in San Francisco.

Why it matters: After closing commitments of over $12 billion in financing in recent months, the company is trying to transition into a high-volume vehicle maker. 

Zoom in: The Bay Area is the second biggest market for Rivian, which delivered a little over 51,000 vehicles in 2024. In comparison, auto giants like Toyota and GM deliver millions of vehicles per year.

Rivian's growth plans will be aided by its auto giant partner and investor, Volkswagen, and a Department of Energy loan. Amazon is still a major customer and investor. 

The DOE loan, which is meant to help fund the Georgia plant, still needs to be issued by the agency's Loan Programs Office, and it's unclear how, or if, the Trump administration will use LPO.

On the morning of Rivian's San Francisco store launch, Axios chatted with founder and CEO RJ Scaringe about the EV maker's plans.

He says the company is racing to get its planned Georgia plant operating, with a goal of making the first vehicles there in 2028. 

Scaringe hinted at potential future vehicles, including variants of its R2 and R3 from the Georgia plant, and eventually lower-cost vehicles, which could be an R4 or R5.

This interview has been lightly edited for style and length.

"We want it to feel in some ways the exact opposite of what it feels like to walk into a traditional automotive showroom. In those environments, you'll feel a little overwhelmed. It feels like it's a bit of a high pressure situation."

"So in contrast, these are spaces that we want to invite people in. You should feel very comfortable hanging out ... and it gives you a chance to ask questions."

"In many ways, to start to counteract a lot of the misinformation and untruths that are being told around electrification and sustainability in the last six to 12 months, with just how things have become a bit strangely politicized around electric vehicles."

"What makes 2025 unique is it's the year leading up to this step change in volume, where the business starts to grow into the infrastructure and the vertical integration that we've created."

"We've removed a lot of middlemen or intermediaries that have margin stacking. As we achieve scale, we'll start to see the benefits of that flow through."

"When we say closed, it's a financially and legally obligating deal where subject to the conditions of the loan, the Department of Energy has obligated itself to provide this loan." 

"I think what will happen is the current administration will look at these loans and realize that they've been structured in a way that provides all the necessary protections to the U.S. government, and importantly, these are loans that really underpin U.S. jobs and continued leadership in electrification and in new technology." 

"We feel very comfortable with what we've structured with the Department of Energy, and we're excited to work with the new administration."

Rivian's CEO talks DOE loan, race for Georgia plant

Rivian's new flagship showcase store in San Francisco's Hayes Valley neighborhood

Rivian's new showroom in the Hayes Valley neighborhood of San Francisco. Photo: Courtesy of Rivian

On the same block as a beer garden and a hipster comic book store, electric vehicle maker Rivian on Thursday opened a Hayes Valley showroom in San Francisco.Why it matters: After closing commitments of over $12 billion in financing in recent months, the company is trying to transition into a high-volume vehicle maker.

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Rivian's CEO talks DOE loan, race for Georgia plant

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