Ad
related to: did vw buy rivian- Volkswagen® ID.4 EV
Unlike Anything You've Ever Seen.
Reserve Your ID.4 EV Today!
- Special Offers
Find Great Offers on a VW. Find a
Dealer Near You & Request a Quote.
- Models
View and Compare all Volkswagen
Models at VW.com Today!
- Find a Dealer
Contact Your Local VW Dealer and
Get a Quote on a Volkswagen Now.
- Volkswagen® ID.4 EV
Search results
Results From The WOW.Com Content Network
The Volkswagen deal ensures that Rivian will have ample cash to launch its smaller, higher-volume R2 and R3 models -- and opens up a potentially lucrative new market for its technology.
The new agreement sees Volkswagen invest $5.8 billion in Rivian as part of a 50 percent stake in the joint venture focused on developing vehicle software.
Shares of Rivian jumped over 15% on Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.
(Reuters) -Shares of Rivian jumped over 15% on Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.
Through 2028, Volkswagen will fund 75% of the costs within the JV, with Rivian funding the balance. Each company will continue to design and develop its own vehicles within the individual businesses.
Rivian Automotive, Inc., is an American electric vehicle manufacturer and automotive technology and outdoor recreation company founded in 2009. Rivian produces an electric sport utility vehicle (SUV), a pickup truck on a "skateboard" platform that can support future vehicles or be adopted by other companies, and an electric delivery van, the Rivian EDV. [6]
In exchange, Volkswagen will invest an initial $1 billion in Rivian through an “unsecured convertible note that will convert into Rivian’s common stock,” with up to $4 billion in additional ...
The Volkswagen investment in Rivian is expected to lower the latter's average cost to produce each EV. In addition, the companies believe that technology innovation will be sped up through the deal.
Ad
related to: did vw buy rivian