The automaker secured the financing through a dedicated Department of Energy program in the dying days of the Biden administration. The funds are needed to erect a manufacturing plant that can build its next-generation R2 electric cars at scale.

To date, the most famous recipient of the DOE program’s funding is Tesla. Even though the conditions attached can be onerous—CEO Elon Musk chose to repay his as early as possible—that didn’t stop the Trump transition team from pledging to investigate the deal.   

“I don’t really know where that stands right now,” Kemp told a local news station.

The warning came just days before Rivian publishes key fourth-quarter figures, scheduled for the close of markets on Thursday. CEO and founder RJ Scaringe has promised to deliver a quarterly gross profit that could bolster confidence his business is truly viable. 

Until now, the more EVs Rivian sells, the bigger the financial loss it reports, as the cost of its goods exceeds their average selling price. 

During the third quarter, Rivian posted a gross loss of $39,000 on each vehicle sold before headwinds were factored in like operating expenses and depreciation. Below the line, it was roughly $1.1 billion in the red for the period, all things considered.

Scaringe needs to fix this before he begins manufacturing 400,000 units of his R2 and smaller R3 crossover at the Georgia plant—assuming the loan is still disbursed and construction is completed.

While Rivian didn’t respond to a request from Fortune for comment, the DOE still lists it as active on its site under the project name “Horizon.”

Elon Musk stands to benefit most if Rivian loan is canceled

Whether that remains the case going forward is unclear. Trump has never been a supporter of EV technology, pledging repeatedly he would end the $7,500 federal tax credit he erroneously calls a “mandate.” So it stands to reason the administration would seek to pull the plug on Scaringe.

Kemp continued by saying Rivian had “secured that loan at the tail end of the Biden administration, and, you know, I think there’s no secret that the Trump administration is taking a look at all those things.”

There’s just one problem: If the White House does find a loophole to withdraw the funding, the biggest beneficiary would be Rivian rival Tesla.

Musk’s carmaker, which represents the largest chunk of his estimated $400 billion net worth, has been bleeding customers turned off by the CEO’s strident right-wing politics and unfettered access to the keys of government.

Many contemplating a switch still refuse to consider EVs made by legacy combustion carmakers, which they believe previously sought to slow down progress, and therefore would only support another EV native brand like Rivian. 

It has proved to be an increasingly attractive choice for Tesla’s otherwise loyal band of early adopters, who bought electric vehicles long before it was clear the technology would survive.

Shutting down the loan now would expose the administration to justified criticism and scrutiny given Musk is Trump’s “First Buddy” and closest political backer.