Rivian: Soros Fund Management Invests $154M in Convertible Notes

Credit: CLEMENS BILAN/ EPA/ REX/ SHUTTERSTOCK

Written by Cláudio Afonso  | LinkedIn | X

Billionaire George Soros’ investment firm, Soros Fund Management LLC, has added $154.16 million in principal amount of Rivian‘s 4.625 percent convertible notes due 2029 in the first quarter, equivalent to 191.44 million shares.

The firm maintains the right to convert these notes into Rivian shares at a predetermined price, positioning itself to leverage potential rises in Rivian’s valuation in the future.

According to the SEC filing, the firm has also increased holdings in Cloudflare (Put), Alphabet Inc., and other diverse positions across technology and biotech sectors. Major investments include Alphabet, AerCap Holdings, and Rivian. The fund also holds stocks in MicroStrategy valued at around $135 million.

As of the end of the first quarter, the fund held 193 stocks with a total value of approximately $6 billion.

NEVER MISS AN UPDATE

Rivian shares closed 1.92 percent lower on Wednesday at $10.22 per share, with a year-to-date decline of 56.4 percent.

Rivian‘s factory in Normal, Illinois, is currently filled with the 2025 Rivian R1S in its final form, devoid of any testing wraps. As of today, the official date for the launch of the refreshed R1T and R1S models is still unknown.

Last week, the electric vehicle maker unveiled a series of incentives to boost sales and clear out inventory of its 2023 and 2024 R1 models, including the R1S SUV and R1T truck.

According to the 3 pictures shared by a Rivian enthusiasts on X, the lot appears to house at least several dozens of these updated models, which feature new stadium headlights and lightbars, 20-inch wheels available in bright and dark finishes.

The EV manufacturer confirmed recently that is partnering with Google on Google Cast and YouTube integration. Drivers will now have the capability to stream high-definition video content with premium sound directly to their vehicle’s screen, using both a native YouTube app and Cast-enabled apps on their phone or tablet.

The company has recently reported 13,980 vehicles produced in the first quarter of the year of which 13,588 were delivered to its customers.

Despite having previously guided a 10-15 percent quarter-over-quarter drop from the fourth quarter, Rivian is on track and reaffirmed its 2024 production guidance of 57,000 vehicles.

Written by Cláudio Afonso | LinkedIn | X

NEVER MISS AN UPDATE

Next on Rivian

Nio ET9Renaissance Slashes Nio and Rivian by Over Half, Nearly Exits NvidiaRenaissance Technologies cut its Rivian holding by 58.1% and its Nio holding by 60.9% in the third quarter, and sold almost all of its Nvidia shares, which had been its largest position in June,…33m ago
Cláudio Afonso
Cláudio Afonso is the Founder and Editor of EV, an independent electric vehicle news publication owned by CARBA Investments, the company he founded in early 2021. Between 2022 and 2024 he worked in European corporate communications at Nio, and he returned to lead EV in April 2024. He is based in Portugal.