Rivian shares have plummeted 40% in 2024 as the EV startup is looking to challenge Tesla, Ford, General Motors and other autos with its adventure-styled electric vehicles. RIVN shares dropped 0.6% t0 13.68 during market trade on Thursday after falling more than 2% to 13.76 on Wednesday. Rivian said in the announcement that, if the loan is finalized, it plans to use the federal money for the development and construction of its EV plant in Georgia, which would have an annual production capacity of 400,000 vehicles.