VWAGY - Rivian Soars After Volkswagen Investment. Is It Too Late to Buy the Stock?
2024-06-30 09:30:00 ET
Share prices of Rivian (NASDAQ: RIVN) surged higher after the maker of electric vehicles (EV) received a sizeable investment from German automaker Volkswagen (OTC: VWAGY) . Despite the recent price gains, the stock is still down nearly 43% in 2024.
Let's look at the importance of this investment, how it could help Rivian, and if it is too late to buy the stock.
Volkswagen announced it will invest up to $5 billion in Rivian over three years as well as form a 50/50 joint venture (JV) between the companies. Volkswagen will initially invest $1 billion in the company in the form of a convertible note, which will convert to Rivian shares once it receives regulatory approvals, but not before Dec. 1, 2024.
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Rivian Soars After Volkswagen Investment. Is It Too Late to Buy the Stock?