As winter testing for the electric vehicle 'ID EveryOne' (ID EVERY1) jointly developed by Rivian and Volkswagen has been completed, Volkswagen will make an additional $1 billion investment in Rivian, TechCrunch reported on March 27 (local time).
$75 million will be an equity investment, and the remaining $25 million will be provided in the form of equity or convertible notes. Volkswagen has already invested more than $3 billion in Rivian. It also granted an option to extend an additional $1 billion loan from October. Once ID EVERY1 is launched, Volkswagen plans to invest an additional $460 million in Rivian.
The partnership is worth a total of $5.8 billion and is expected to play an important role in expanding Rivian's electric vehicle production. Rivian plans to launch the R2 SUV this year and is pushing for large-scale production and sales through it.
Hyunwoo Choo
cookinpapa@d-today.co.kr