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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 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 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.
Volkswagen will then invest another $1 billion in 2025 and 2026, depending on Rivian achieving milestones, and will provide a $1 billion loan in 2026. ... Rivian's gross take per vehicle was a ...
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 ...
(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.
Rivian announced in April that it expects to sell roughly 57,000 vehicles this year, which is roughly one-third the number of vehicles the Volkswagen group sold each week in 2023. This story was ...
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 ...