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The Volkswagen deal ensures that Rivian will have ample cash to launch its smaller, higher-volume R2 and R3 models -- and opens up a potentially lucrative new market for its technology.
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.
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.
Rivian Automotive, Inc., is an American electric vehicle manufacturer and automotive technology and outdoor recreation company founded in 2009. Rivian produces an electric sport utility vehicle (SUV), a pickup truck on a "skateboard" platform that can support future vehicles or be adopted by other companies, and an electric delivery van, the Rivian EDV. [6]
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 ...
By Abhirup Roy. PALO ALTO, California (Reuters) - A joint venture between U.S. electric pickup and SUV maker Rivian and Volkswagen is in talks with other automakers about supplying their software ...
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.
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 ...