From CNBC: 2024-06-25 17:36:04

Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, with an initial investment of $1 billion and an additional $4 billion expected by 2026. Rivian stock surged 40% in after-hours trading Tuesday. Volkswagen will convert the initial investment into Rivian shares on or after Dec. 1.
The partnership aims to create electrical architecture and software technology for vehicles. Rivian has been making efforts to cut costs and increase efficiencies in production, saving over $2.25 billion in capital spending. The electric automaker reported a $1.45 billion loss in the first quarter of 2024. Rivian has over $7.86 billion in cash, cash equivalents, and short-term investments.



Read more at CNBC: Volkswagen takes $1 billion stake in EV maker