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Shares of Rivian rose 8.6 per cent on Tuesday and nearly 50 per cent in after-hours trading following the deal’s announcement just after the end of the trading session.Under the transaction, VW will make an initial US$1 billion investment in the US company in 2024 that will convert to Rivian common stock, to be followed by subsequent rounds in 2025 and 2026 of US$1 billion each.
VW’s investment will enable Rivian to fund investments to ramp up production at its Illinois factory and to advance a new plant in the state of Georgia, the company said.The venture will allow VW to employ Rivian’s existing electrical architecture and software plan, accelerating the German company’s efforts on software-defined vehicles.