Rivian gets another $1B from Volkswagen

Rivian has completed winter testing for the VW ID EVERY1, the first vehicle developed under a joint venture with Volkswagen Group that incorporates Rivian’s software and electrical architecture. This milestone triggered an additional $1 billion investment from Volkswagen, consisting of approximately $750 million in equity and $250 million in either equity or convertible debt, depending on prototype arrangements. Volkswagen has already invested over $3 billion in Rivian through this partnership, with further funding planned, including up to $1 billion in loans available from October and an additional $460 million equity investment once the first joint venture vehicle reaches the market. In total, the collaboration could bring Rivian up to $5.8 billion in funding. This investment boost comes just months before Rivian launches the R2 SUV, which CEO RJ Scaringe has described as potentially the company’s most important product to date. Rivian is focusing on rapidly scaling production and sales of the R2, leveraging the partnership with Volkswagen to accelerate its growth and market presence