Search results
Results From The WOW.Com Content Network
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 new agreement sees Volkswagen invest $5.8 billion in Rivian as part of a 50 percent stake in the joint venture focused on developing ... Car and Driver’s 10 Best Cars through the Decades.
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.
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.
Irvine-based Rivian got a big boost: Volkswagen agreed to invest up to $5 billion in a joint venture with the struggling maker of electric trucks.
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 ...
(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.
But as part of the deal, Volkswagen will take a $1 billion equity stake in Rivian, invest an additional $2 billion in Rivian shares in 2025 and 2026, and put $2 billion into the joint venture ...