Scaringe, the son of an engineer and who was obsessed with cars as a kid, knew early he wanted to start his own business. The MIT engineering doctorate turned his dream into a reality in 2009 when he founded what would become Rivian, whose name stems from the Indian River in Florida where Scaringe spent his youth.

The company's shares have started the week on a tear, despite the expectation that Donald Trump will eliminate EV tax credits.

The Energy Department said the loan would substantially boost electric vehicles made in the United States and support Biden’s goal of having zero-emission vehicles make up half of all new US sales by 2030.

In the closing days of President Biden’s administration, it is handing out billions of dollars in a loan to an electric vehicle maker, Rivian Automotive, even though the company has struggled to become profitable.