Rivian is battling a class-action securities fraud case in California tied to its much-hyped initial public offering three years ago.

Rivian Automotive stock was giving up some of its recent gains on Tuesday after the electric-vehicle maker said it had received a multi-billion-dollar loan from the U.S. government to help it make more cars.

Rivian paused work on the plant earlier this year amid financial difficulties. The factory is supposed to produce midsize and crossover SUVs.

Irvine electric-vehicle maker Rivian has conditional approval for a $6.6-billion loan to fund the construction of a new plant in Georgia.

Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia. The announcement comes ahead of the inauguration of President-elect Donald Trump,

The loan is a critical step for the EV maker, which had halted work on its plant after struggling to become profitable.

President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.