Rivian secures up to $5 billion from Volkswagen, shares soar more than 50%

Volkswagen Group has announced plans to invest up to $5 billion in electric vehicle startup Rivian, with an initial investment of $1 billion.

This investment is part of a larger commitment expected to unfold by 2026, with $1 billion allocated each in 2025 and 2026, and an additional $2 billion linked to a joint venture aimed at developing electrical architecture and software technology.

Rivian’s stock surged over 50% in after-hours trading ahead of an investor event, amidst challenges from Wall Street over cash burn and losses.

Volkswagen’s initial $1 billion investment will be in the form of a convertible note convertible to Rivian shares starting December 1, NBC News has reported.

read more: https://www.cnbc.com/2024/06/25/volkswagen-rivian-stake.html

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