Rivian secures up to $5 billion from Volkswagen, shares soar 40%
Posted on AllSides June 25th, 2024
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Joel Angel Juarez | Reuters
Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion.
The additional $4 billion is expected by 2026. It includes plans for $1 billion each in 2025 and 2026, followed by $2 billion in 2026 related to an expected joint venture to create electrical architecture and software technology, according to a release by the automakers Tuesday.
Shares of Rivian soared roughly 40% during after-hours trading Tuesday, two days ahead of an investor event for Rivian, which has been under...
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