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Rivian secures up to $5 billion from Volkswagen, shares soar 40%

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

The additional $4 billion is expected to be invested following the establishment of a joint venture, according to joint releases by the automakers Tuesday.The additional $4 billion is expected by 2026. It includes plans for $1 billion each in 2025 and 2026, followed by $2 billion in 2026 related to an expected joint venture to create electrical architecture and software technology, according to

The initial $1 billion from VW will be in the form of a convertible note, which could be converted to Rivian shares on or after December 1, the release said.when Rivian went public in 2021. The Detroit automaker sold a majority of its Rivian shares by 2023 after walking back a plan to codevelop EVs with the company.

 

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