Rivian draws $1B term loan from Volkswagen

Rivian Automotive received a $1 billion term loan from a Volkswagen-linked entity, tied to their joint venture. The loan is part of their strategic partnership. Rivian's stock is currently trading at $14.34, down 1.17% after hours. Citigroup initiated coverage with a $18 price target.

Rivian Automotive secured a $1 billion, 10-year term loan from Volkswagen, carrying a 6.03% fixed interest rate. The loan is secured by Rivian's 50% equity interest in their joint venture, which focuses on future vehicle technologies, according to an SEC filing.

Rivian (RIVN) secured a $1B term loan from Volkswagen (VWAGY) for general corporate use, as disclosed in a regulatory filing. The funds were fully committed and distributed, according to the company.

Rivian Automotive, Inc. received a $1B, 10-year term loan from Volkswagen Group, secured by a 50% equity interest in their joint venture. The loan carries a 6.03% fixed interest rate and will be used for general corporate purposes, with repayment starting in three years.

Rivian is recalling 98,828 vehicles (R1S, R1T, R2) due to rearview camera display issues. The problem may obstruct the camera image when in reverse, violating FMVSS 111. A software update is available, with 95%+ of affected vehicles already updated. Rivian reports no related accidents or injuries.

Tesla and Rivian reported Q3 deliveries exceeding expectations, with Tesla delivering 486,532 vehicles and Rivian delivering 19,248. Analysts attribute Rivian's success to the R2 model's lower price point. EV market share has stabilized near 6%, with inventories aligning with gasoline models. Dealers for Hyundai and Ford report increased demand for EVs, despite broader adoption challenges.