On June 25, 2024, Rivian Automotive, Inc. entered into a significant financial agreement with Volkswagen International America Inc., a subsidiary of Volkswagen AG. The agreement involves the sale of a $1.0 billion convertible promissory note to Volkswagen, which will automatically convert into shares of Rivian's Class A common stock under certain conditions. The note carries a 4.75% interest rate and is part of a larger expected $5.0 billion investment by Volkswagen Group into Rivian, in connection with a proposed joint venture (JV) focused on next-generation electrical architecture and software technology. The JV and additional investments are contingent upon regulatory approvals and the finalization of definitive agreements. The note will mature in two years unless converted or redeemed earlier, and it ranks equally with Rivian's other senior unsecured debts. The partnership between Rivian and Volkswagen Group aims to close the JV in the fourth quarter of 2024, with further investments planned for 2025 and 2026, subject to achieving certain milestones and obtaining regulatory approvals.

On June 25, 2024, Rivian Automotive, Inc. entered into a significant financial agreement with Volkswagen International America Inc., a subsidiary of Volkswagen AG. The agreement involves the sale of a $1.0 billion convertible promissory note to Volkswagen, which will automatically convert into shares of Rivian's Class A common stock under certain conditions. The note carries a 4.75% interest rate and is part of a larger expected $5.0 billion investment by Volkswagen Group into Rivian, in connection with a proposed joint venture (JV) focused on next-generation electrical architecture and software technology. The JV and additional investments are contingent upon regulatory approvals and the finalization of definitive agreements. The note will mature in two years unless converted or redeemed earlier, and it ranks equally with Rivian's other senior unsecured debts. The partnership between Rivian and Volkswagen Group aims to close the JV in the fourth quarter of 2024, with further investments planned for 2025 and 2026, subject to achieving certain milestones and obtaining regulatory approvals.