Volkswagen AG (OTC: VWAGY) acquired 62.9 million shares of Rivian Automotive Inc. (NASDAQ: RIVN) at $15.90 per share through a private placement transaction dated April 30, 2026, according to a Securities and Exchange Commission filing.

The transaction was conducted under an investment agreement originally dated November 13, 2024, and amended on April 17, 2025, between Rivian, Volkswagen AG, and Volkswagen International America Inc.

Following the acquisition, Volkswagen holds 209.8 million Rivian shares through its wholly-owned subsidiary Volkswagen US-Holding Inc., formerly known as Volkswagen International America Inc. The filing indicates that both Volkswagen AG and its subsidiary may be deemed to share beneficial ownership of the securities.

Volkswagen is identified as a 10% owner of Rivian in the filing. The German automaker's investment totaled approximately $1 billion based on the disclosed share price and volume.

The shares were acquired through a private placement rather than open market purchases. Rivian manufactures electric delivery vans and pickup trucks from its facility in Normal, Illinois.