Volkswagen Group to Invest $1 Billion in Rivian, Securing Access to Electric Vehicle Technology from vig stock price today per share Watch Video
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⏲ Duration: 0:40 👁 View: 1.1M times ✓ Published: 29-Jun-2024
Description: Volkswagen Group will invest $1 billion into Rivian via an unsecured convertible note that will convert into Rivian's common stock once regulatory approvals are received. VW Group will buy another $1 billion of Rivian's common stock in 2025 and 2026. The deal will give VW access to Rivian's electrical architecture and software platform, while Rivian will get manufacturing expertise from VW that could help reduce costs. A joint venture between Rivian and VW Group will be a 50-50 partnership focused on developing commercial electric vehicles for Europe and other markets.