Rivian to receive up to $5B from Volkswagen Group; $1B convertible note issued

Rivian Automotive, Inc. / DE

Issued $1B convertible promissory note at 4.75% to Volkswagen subsidiary; converts automatically to Rivian stock upon conditions.
Partnership aims to form equally controlled JV for next-gen electrical architecture and software by Q4 2024.
Additional $4B contingent on definitive agreements, milestones, and regulatory approvals: $2B equity in 2025/2026, $2B JV-related.
Conversion prices: half at $10.8359/share (30-day VWAP), half at 45-day VWAP prior to conversion date.
Note matures 2 years after closing; prepayment options if conversion conditions not met within one year.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.