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It will also drop a target to spend half of its fixed assets budget on renewables and low carbon products by 2030.

If the loan receives final approval, it would be secured by all assets of the project and fixed assets and guarantees of Rivian and some of its subsidiaries, the company said.

The report Friday by the National Bureau of Statistics showed factory output was up 6.7% in April from a year earlier and investment in fixed assets such as factory equipment climbed 4.2%.

Neither Bowie, Coco or Ollin commented when asked how they feel about being “living fixed assets.”

Under the latest agreement, Tower will acquire and own equipment and other fixed assets to be installed at the Rio Rancho fabrication unit.