"The completion of winter testing for the VW ID EVERY1 not only signifies progress in getting the vehicle to customers but also triggers a $1 billion investment from Volkswagen Group into Rivian."
"Volkswagen Group's investment includes $750 million in equity and $250 million in either equity or convertible debt, depending on the prototypes provided for testing."
"Rivian is set to receive an additional $460 million equity investment from Volkswagen after the first vehicle utilizing the joint venture's technology goes on sale."
"Rivian's founder and CEO RJ Scaringe emphasized the importance of the R2 SUV, stating it is 'maybe the most important thing we've launched to date'."
Winter testing for the VW ID EVERY1 has been completed, marking a significant step for the joint venture between Rivian and Volkswagen Group. This milestone unlocks a $1 billion investment from Volkswagen, which includes $750 million in equity and $250 million in equity or convertible debt. Volkswagen has already invested over $3 billion in Rivian, with potential future investments totaling up to $5.8 billion. Rivian is preparing to launch the R2 SUV, which is expected to be crucial for its production and sales scaling.
Read at TechCrunch
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