"Volkswagen Group's equity stake in Rivian has grown from 8.6% to 15.9% in less than two years, reflecting a strategic partnership focused on electric vehicle technology."
"VW has committed to invest $5.8 billion into Rivian, with capital unlocked as certain milestones are reached, starting with an initial $1 billion investment."
"Rivian received another $1 billion last month after completing winter testing of the VW ID.EVERY1, the first vehicle under the joint venture equipped with its software."
"Amazon, a longtime backer of Rivian, now holds 12.28% of the company, having initially invested $700 million when Rivian was still privately held."
Volkswagen has overtaken Amazon to become Rivian's largest shareholder, increasing its stake from 8.6% to 15.9%. This growth is linked to a joint venture formed in November 2024, aimed at developing electrical architecture and software. VW has committed to invest $5.8 billion in Rivian, with funds released as milestones are met. Rivian recently received $1 billion after completing winter testing of the VW ID.EVERY1. Amazon, previously a major investor, now holds 12.28% of Rivian, having initially invested $700 million.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]