VW Group is investing $1 billion into EV startup Rivian, with the potential for the deal to expand up to $5 billion. The partnership will focus on next-generation electrical architecture and software technology, utilizing Rivian's existing platform.
This investment sent Rivian's shares soaring up by over 36% in after-hours trading. The deal involves an unsecured convertible note that will convert into Rivian's common stock upon meeting certain conditions by December 1, 2024.
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