Rivian, U.S. finalize $6.6 billion loan

The Biden administration finalized billions of dollars in financing for electric-vehicle maker Irvine-based Rivian Automotive and hydrogen company Plug Power Inc. just days before President-elect Donald Trump returns to the White House.

The Department of Energy announced Thursday the closing of $6.6 billion in financing for Rivian to construct a Georgia manufacturing plant. It also confirmed Latham, New York-based Plug Power will get a $1.66 billion loan guarantee for hydrogen plants.

The financing comes as the Energy Department’s loan program — which effectively became a $400 billion green bank during Joe Biden’s presidency — faces new threats from Trump’s incoming administration.

Trump asked Congress during his first term to eliminate the program. This time around, some in his inner circle want to get rid of or retool the Loan Programs Office to finance fossil fuels and other energy sources favored by Republicans.

Vivek Ramaswamy previously said the incoming administration will scrutinize billions of dollars in “11th-hour transactions,” including the loan offer to Rivian. In a statement Thursday, Rivian said its financing would accelerate expansion of the company’s new R2 SUV and R3 crossover, and was “key to U.S. leadership in the electric vehicle industry.”

Probe launched into GM engine failures

U.S. auto safety regulators have opened an investigation into complaints that General Motors vehicles equipped with certain V8 engines, including its best-selling Silverado, can seize up without warning.

The National Highway Transportation Safety Administration on Thursday said it was investigating an estimated 877,710 vehicles after receiving 39 complaints from users of GM vehicles equipped with L87 V8 engines.

The NHTSA said complainants reported “no detectability prior to the engine failure,” which can lead to an increased risk of a crash resulting in injury and/or property damage. A bearing failure can cause the engine to seize or a breaching of the engine block by a connecting rod, regulators said.

The vehicles included in the preliminary investigation include: 2019-2024 Chevrolet Silverado 1500; 2021-2024 Chevrolet Tahoe; 2021-2024 Chevrolet Suburban; 2019-2024 GMC Sierra 1500; 2021-2024 GMC Yukon; 2021-2024 GMC Yukon XL; 2021-2024 Cadillac Escalade; and 2021-2024 Cadillac Escalade ESV.

IRS commissioner to step down Monday

IRS Commissioner Daniel Werfel said in a letter to IRS workers on Friday that he intends to step down from his position on President-elect Donald Trump’s Inauguration Day.

“After significant introspection and consultation with others, I’ve determined the best way to support a successful transition is to depart the IRS on January 20, 2025,” Werfel said in a note addressed to employees.

Werfel’s term was not scheduled to end until 2027. His early departure on Monday is unusual, since IRS commissioners’ terms typically extend from one presidential administration into another. Werfel’s term began in March 2023, under President Joe Biden, a Democrat, and was set to end in November 2027, under Trump, a Republican.

However, Trump in December announced plans to nominate former Missouri congressman Billy Long, who worked as an auctioneer before serving six terms in the House, to serve as the next IRS commissioner..

From Associated Press and Bloomberg reports.