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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 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 ...
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.
(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 said it has closed a major deal with Volkswagen that could be worth $5.8 billion by 2028.
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.
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 ...