Rivian Stock is Red-Hot on $5 Billion Volkswagen Team Up

Rivian stock is surging after news broke that Volkswagen Group will invest a total of $5 billion into the EV maker. Here's what you need to know.

A white Rivian electric truck outside of dealership
(Image credit: Justin Sullivan/Getty Images)

Rivian Automotive (RIVN) stock is one of the best performers Wednesday, up nearly 30% Wednesday after the electric vehicle (EV) maker announced a major partnership with Volkswagen Group.

Under the terms of the deal, Volkswagen will make an initial investment of $1 billion in Rivian through an unsecured convertible note. This will convert into Rivian common stock on or after December 1, 2024, the companies said in a press release

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.