Volkswagen Group plans to invest up to $5.8 billion in Rivian and the joint venture by 2027. An initial investment of $1 billion in the form of a convertible note has already been made. At closing of the Joint Venture, Volkswagen Group will invest about $1.3 billion as consideration for background IP licenses and a 50% equity stake in the joint venture. These investments also balance part of lower future costs identified during the technical feasibility tests and the sharing of costs for the inclusion of selected Volkswagen MEB models. The remaining investment of up to $3.5 billion is expected to come in the form of equity, convertible notes, and debt at future dates and based on clearly defined milestones. Further investments are tied to clear operational, technical, and financial milestones. The joint venture will operate as an independent company.