Volkswagen AG purchased 62.9 million Rivian shares for $1 billion at $15.90 each via private placement on April 30, 2026.
The deal raises Volkswagen’s ownership to 209.8 million shares, representing a 10% stake in Rivian through its US‑Holding subsidiary.
Rivian’s stock rose 0.5% after the announcement but stayed 2% lower amid broader market weakness.
Rivian produces electric delivery vans and pickup trucks at its Normal, Illinois facility.