US EV maker Rivian secures $1 billion loan from Volkswagen Group

On October 7 local time, US electric vehicle manufacturer Rivian disclosed in submitted regulatory filings that the company has received a 10-year, $1 billion loan from the Volkswagen Group with a fixed annual interest rate of 6.03%. The loan is part of arrangements related to an existing joint venture agreement between the two parties and is non-recourse to Rivian, secured by its 50% equity stake in the joint venture held by its wholly-owned subsidiary Rivian JV SPC, LLC. (Jiemian)