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Rivian CEO RJ Scaringe says too many carmakers are copying Tesla
Decoder with Nilay Patel
Structured Deal for Strategic Funding
The $5 billion deal with Volkswagen is structured to minimize dilution and secure future funding for Rivian. The first $3 billion is structured as equity with stages of investment based on success milestones, reducing dilution. The remaining $2 billion involves a licensing fee and debt provided by Volkswagen, structured to be paid off through the joint venture over time. This funding roadmap aims to achieve positive free cash flow, remove balance sheet risk, and does not include revenue or operational improvements from the joint venture.
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