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The White House has announced a $1 billion fund to help auto suppliers retool for electric vehicles (EVs). This initiative, in partnership with Monroe Capital, aims to support the growth of the U.S. automotive industry and American autoworkers. Monroe Capital plans to launch a fresh fund of up to $1 billion to provide loans for smaller auto suppliers.
Rivian Automotive shares rise 1.01% premarket as White House announces $1B fund for auto suppliers. $RIVN
White House selects Monroe Capital to raise $1 billion for auto supply. https://t.co/OO2MhQ63IR
Rivian's production of Gen-2 R1t and R1S is slowed down due to issues with supplier, the CFO told Jefferies analyst. An update should be given at the next Earnings call, the analyst said. $RIVN https://t.co/7TjKNljd6h
