WOLFSBURG (dpa-AFX) - Rivian Automotive (RIVN) and Volkswagen Group (VKW.L,
VLKAF.PK, VOW.BE) plan to form an equally controlled and owned joint venture to
create next-generation software-defined vehicle or SDV platforms for use in both
companies' future electric vehicles. Volkswagen plans to invest $5 billion into
Rivian, the companies said in a statement.

RIVN closed Tuesday's regular trading at $11.96 up $0.95 or 8.63%. In the
after-hours trading, the stock further gained $5.97 or 49.92%.

As part of the new joint venture, Volkswagen Group will initially invest $1
billion in Rivian through an unsecured convertible note. This note will convert
into Rivian's common stock, subject to certain conditions, upon the later of
receipt of regulatory approvals or December 1, 2024. Volkswagen Group is also
expected to invest an additional $4 billion.

The partnership is anticipated to accelerate the development of software for
Rivian and Volkswagen Group.

Rivian plans to contribute its electrical architecture expertise and is expected
to license existing intellectual property rights to the joint venture.

The companies aim to launch vehicles benefiting from the technology created
within the joint venture in the second half of the decade. In the short term,
the joint venture is expected to enable Volkswagen Group to utilize Rivian's
existing electrical architecture and software platform. Each company will
continue to separately operate their respective vehicle businesses.

The companies currently expect the completion of the joint venture formation in
the fourth quarter of 2024.



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