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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.
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 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.
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.
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.
(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.
Through 2028, Volkswagen will fund 75% of the costs within the JV, with Rivian funding the balance. Each company will continue to design and develop its own vehicles within the individual businesses.
A joint venture between U.S. electric pickup and SUV maker Rivian and Volkswagen is in talks with other automakers about supplying their software and electrical architecture, a senior Rivian ...