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Rivian market cap by end of 2024?
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Volkswagen to Invest Up to $5 Billion in Rivian, Shares Surge 50%
Jun 26, 2024, 01:04 PM
Volkswagen Group has announced a significant investment in Rivian, a U.S.-based electric vehicle (EV) maker. The German automaker plans to invest up to $5 billion, starting with an initial $1 billion through an unsecured convertible note that will convert into Rivian common stock upon regulatory approval. This investment will be split, with $500 million converting at $10.84 per share, implying 46.1 million additional Rivian shares. The remaining $500 million will be used to form a joint venture between the two companies. The partnership aims to develop next-generation software architectures for electric vehicles, which both companies plan to use in their future models by 2026. Rivian's shares surged by over 50% following the announcement, reflecting investor optimism. However, Volkswagen's shares fell by 1.4% amid concerns over the cost and implications of the deal. Additional details revealed that Rivian will receive up to $3 billion directly, with the rest allocated to the joint venture. Volkswagen's software unit, CARIAD, has been struggling, prompting this strategic move.
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