Volkswagen invests $1 billion in Rivian after ID. Every 1 tests
Business
Rivian just secured a $1 billion boost from Volkswagen, right after their joint EV, the VW ID EVERY1, aced some tough winter testing.
This partnership blends Rivian's software and electrical know-how with Volkswagen's engineering skills and could grow to a whopping $5.8 billion in total support for Rivian.
Volkswagen outlines $750 million equity and loan
Volkswagen's investment includes $750 million in equity, plus another $250 million that could be equity or convertible debt (details on that are still under wraps).
Starting October 2026, Rivian can also tap into a $1 billion loan from VW.
This cash is arriving just as Rivian gears up to launch its R2 SUV, a model CEO RJ Scaringe calls crucial for the company's future.