Rivian shares surge on $5.8 billion Volkswagen investment in JV

📆 13/11/2024 8:22 PM
📰 ChannelNewsAsia

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Shares of Rivian jumped over 13 per cent in premarket trading Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.

FILE PHOTO: Workers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, U.S. June 21, 2024. REUTERS/Joel Angel Juarez/File Photo

The joint venture, Rivian and VW Group Technology LLC will integrate advanced electrical infrastructure and Rivian's software technology for both companies' future electric vehicles. "Tesla's Elon Musk has been given a seat at Trump's top table," Streeter added, which could potentially put EV rivals like Rivian in a less favorable position in future policy decisions.

Volkswagen plans to invest $5.8 billion by 2027, including $1 billion in convertible notes, $1.3 billion for intellectual property licenses and equity stake, and up to $3.5 billion in future equity, notes, and debt tied to specific milestones.

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