German carmaker Volkswagen to invest up to $5bn in US-based electric vehicle company Rivian to share technology
German carmaker Volkswagen to invest up to $5bn in US-based electric vehicle company Rivian to share technology
rivian.com Rivian
Rivian is an electric vehicle manufacturer on a mission to keep the world adventurous forever.
- Rivian and Volkswagen Group intend to enter a joint venture to create next generation software-defined vehicle (SDV) platforms to be used in both companies’ future electric vehicles.
- Volkswagen Group to invest an initial $1 billion in Rivian, with up to $4 billion in planned additional investment for a total expected deal size of $5 billion.
- Joint venture is expected to build on Rivian’s industry-leading software and electrical architecture to create best-in-class software-defined vehicle technology platform.
- The tie-up comes as competition intensifies between EV makers and Western countries move to impose tariffs on Chinese imports.
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Hopefully this saves Rivian... they're a decent company
Do they need saving? I thought they had Amazon's money as backing.
(Also I wonder — how will this news impact VW's new Scout brand.)
Yeah, but even then they are loosing money on every van they make for them. It's mostly R&D, but still.