U.S. electric vehicle manufacturer Rivian receives a $1 billion loan from Volkswagen Group.

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