Volkswagen Group has increased its stake in Rivian Automotive to 15.9%, becoming its largest shareholder ahead of Amazon, which had been the top investor in the EV maker ever since its 2021 IPO.According to an SEC filing, Volkswagen’s US subsidiary has purchased 62.9 million new shares on April 30 at $15.90 per share, spending a total of approximately $1 billion in the process.You may be aware that Volkswagen Group is not doing great at the moment, and in light of that, the investment may seem out of place, but the fact is the German carmaker was bound by the terms of its joint venture with Rivian to make the investment.VW Group Coughs Up a Further $1 Billion to Buy Rivian Shares
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More specifically, the $1 billion share purchase is the latest step under the $5.8 …
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Author: Dan Mihalascu
