Rivian and Volkswagen form 50/50 JV; VW pays $1.32B cash, commits up to $2.46B equity investment

Rivian Automotive, Inc. / DE

VW pays $1.32B cash for 50% JV stake; Rivian contributes IP and $30M working capital.
VW will invest up to $2.46B in Rivian stock across three tranches, including $1B at 33% premium in mid-2025 subject to milestones.
Additional tranches: up to $1B based on Testing Milestones, and $460M for $250M stock (84% premium) by early 2028.
JV gets $1B loan from VW SPV; Rivian SPV gets $1B back-to-back loan from JV, distributable to Rivian, available Oct 2026.

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.