Rivian Automotive received funding from a committed $1 billion term loan facility from Volkswagen.
The auto maker entered into the 10-year term loan facility with Volkswagen in connection with the two companies' joint-venture agreement, according to a Securities and Exchange Commission filing on Wednesday.
The facility is non-recourse to Rivian and carries a 6.03% per annum fixed interest rate. It is secured by the 50% equity interest in the joint venture.
Rivian and Volkswagen's joint venture is focused on developing future vehicle technologies.
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