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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.
The deal provides for a series of payments from Volkswagen to Rivian as key milestones are met, plus an option for a $1 billion loan that brings the total potential value of the deal to about $5.8 ...
The new agreement sees Volkswagen invest $5.8 billion in Rivian as part of a 50 percent stake in the joint venture focused on developing vehicle software.
Analysts see the joint venture between VW and Rivian as shoring up many concerns about the U.S. EV maker's challenges. Rivian gets big boost from $5.8 billion Volkswagen investment in joint ...
In exchange, Volkswagen will invest an initial $1 billion in Rivian through an “unsecured convertible note that will convert into Rivian’s common stock,” with up to $4 billion in additional ...
The German automaker agreed in November to invest $5.8 billion in the joint venture, which will integrate advanced electrical infrastructure and Rivian's software technology for both companies ...