Rivian shares owned by VW revealed in SEC filing
Volkswagen recently submitted a Schedule 13G with the United States Securities and Exchange Commission (SEC). The filing revealed how many Rivian shares VW owns.
According to the German automaker’s Schedule 13G SEC filing, Volkswagen owns approximately 82,935,213 Rivian shares, representing a 7.7% stake in the Illinois-based company.
The SEC filing reveals that Volkswagen International America INC. and Volkswagen AG were the reporting persons of the Schedule 13G submission. Volkswagen International America INC’s place of organization is Delaware. Volkswagen AG is based in Germany.
Over the summer, Rivian and Volkswagen announced a partnership. The German automaker is expected to take a $5 billion stake in Rivian, potentially alleviating cash concerns for the US car maker. VW’s initial investment will come from pushing $1 billion through an unsecured convertible note that will convert into RIVN common stock.
According to Rivian CEO RJ Scaringe, Volkswagen's investment will help the company with R2 production. During a Goldman Sachs event, Rivian’s Chief Financial Officer (CFO) Claire McDonough noted that the company plans to increase its capacity at the Normal facility to 215,000 units. Rivian aims to have a maximum capacity of 155,000 units for R2 production in Normal, Illinois. The Rivian R2 will also be produced in Georgia.
In July 2024, a month after announcing their partnership, a Rivian and Volkswagen joint venture received approval from Germany’s Federal Cartel Office (aka Bundeskartellamt). The higher federal authority noted that Rivian and VW’s joint venture is “not expected to significantly impede effective competition.” The joint venture has shaken Volkswagen's software division, Cariad.
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