Volkswagen is investing $5 billion in Rivian as part of a new joint venture that will give the German auto giant access to the buzzy EV company’s software and EV platform.
Volkswagen is investing $1 billion in Rivian as part of a new joint venture that will give the German auto giant access to the buzzy California EV company’s software and EV platform. Rivian will receive an additional $4 billion over time, for a total sum of $5 billion. The joint venture will be co-owned by Rivian and VW Group, which oversees brands like Audi, Porsche, Lamborghini, and its flagship Volkswagen.
” The first $1 billion will be provided to Rivian in the form of an unsecure convertible note that will become Rivian common stock “subject to regulatory approval,” the companies said. An additional investment of up to $2 billion is expected to take place through two tranches of $1 billion each in 2025 and 2026. “We are running very well and very quick, quicker than we expected,” Blume said in the briefing. '“We are running very well and very quick, quicker than we expected.
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