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Electric vehicle (EV) maker Rivian (NASDAQ: RIVN) said late Tuesday that it closed a hugely important deal, in which giant Volkswagen (OTC: VWAGY) will invest billions in the California-based upstart.
Volkswagen increased its investment in Rivian to $5.8 billion from the previously announced $5 billion as part of a 50 percent stake in the venture. Speaking to members of the media on a ...
(Reuters) -Shares of Rivian jumped over 15% on Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.
The Volkswagen investment in Rivian is expected to lower the latter's average cost to produce each EV. In addition, the companies believe that technology innovation will be sped up through the deal.
Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion.. The additional $4 billion is expected by 2026. It includes plans ...
Volkswagen will initially invest $1 billion in the company in the form of a convertible note, which will convert to Rivian shares once it receives regulatory approvals, but not before Dec. 1, 2024.
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