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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.
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.
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 said it has closed a major deal with Volkswagen that could be worth $5.8 billion by 2028.
The investment boost comes at a crucial time for Rivian, which aims to cut costs, achieve profitability, and launch its smaller, more affordable R2 SUV to attract budget-conscious consumers. The ...
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 ...
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 ...
Shares of Rivian soared 40% before markets opened Wednesday after Volkswagen vowed to invest $1 billion in the struggling electric vehicle maker immediately, and a potential total of up to $5 ...