Volkswagen to Invest Up to $5 Billion in Rivian
June 25, 2024 | Updated 5:56 PM
German automaker Volkswagen Group will invest up to $5 billion in US electric-vehicle maker Rivian as part of a new partnership.
Volkswagen plans to take an initial $1 billion equity stake in Rivian through an unsecured convertible note that will exchange into Rivian shares. The first $1 billion from Volkswagen comes in the form of a convertible note which converts into Rivian stock in December 2024.
Rivian will get a much-needed cash infusion through the new partnership with Volkswagen AG as automakers large and small rethink their strategies in the face of rising electric vehicle demand.
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