Funding
Convertible note · Mobility

Volkswagen agrees $1bn convertible-note investment in Rivian

The June 2024 investment forms the initial financing component of a broader software partnership.

By RoundOS Funding desk

Volkswagen Group announced an initial $1 billion investment in Rivian through an unsecured convertible note on June 25, 2024, alongside plans for a vehicle-software joint venture.

The initial note was one component of a wider agreement that contemplated further investment in Rivian and the venture. Rivian subsequently confirmed in its 2024 annual filing that it received the $1 billion in June and that the note converted into common shares in December.

Funding history

Convertible note · This round$1B

Sources

  1. VW initial1bRivianconvertiblenotetechcrunch.com · Jun 25, 2024
  2. Rivian 2024 Form10K: Volkswagen joint venture financingsec.gov

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