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At the time, Volkswagen received a convertible note that converts to Rivian stock on Dec. 1. Volkswagen will pay another $1.32 billion this week, as part of the deal's closing.
Rivian said it has closed a major deal with Volkswagen that could be worth $5.8 billion by 2028.
(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.
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 ...
Rivian stock closed Tuesday at $11.96 a share, down roughly 49% in 2024. The initial $1 billion from Volkswagen will be in the form of a convertible note, which could be converted to Rivian shares ...
Rivian stock rose as much as 16% in early afternoon trade on Wednesday after the EV maker announced an expansion of its partnership with Volkswagen , with the German automaker pouring more money ...
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.
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.