Volkswagen Investing Up To $5 Billion In Rivian As The Carmakers Plan Software Venture

📆 25.06.2024 23:51:00
📰 ForbesTech

⏱ Reading Time:
28 sec. here
8 min. at publisher
📊 Quality Score:
News: 36%
Publisher: 59%

Rivian Nachrichten

Volkswagen,Electric Vehicles,California

Alan Ohnsman is a Forbes senior editor who covers cleantech and advanced transportation. He joined Forbes in 2016 and works in Los Angeles. He co-authors the Current Climate newsletter, writes about promising clean energy developments and has covered Tesla since 2006, when he was with Bloomberg News. He has a graduate degree in journalism and a B.

A surprise partnership between the young California EV maker and a global auto giant could position both to better compete with Tesla and Chinese rivals.Upstart electric vehicle maker Rivian said Volkswagen is investing up to $5 billion in the electric vehicle maker and that the two companies are forming a joint venture to develop an automotive software platform based on Rivian technology.

“Key for these types of collaborative relationships to work in our view is that there's mutual benefit to both sides,” said RJ Scaringe, Rivian’s founder and CEO.

Volkswagen’s initial $1 billion investment is being made through a convertible note offering. An additional investment of up to $2 billion in Rivian’s stock is to take place in two portions of $1 billion each in 2025 and 2026, the companies said. Another $2 billion will come in the form of a cash payment when the new venture company begins operating and a loan in 2026.

Schreibe Kommentar

Wir haben diese Nachrichten zusammengefasst, damit Sie sie schnell lesen können. Wenn Sie sich für die Nachrichten interessieren, können Sie den vollständigen Text hier lesen. Weiterlesen:

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Rivian secures up to $5 billion from Volkswagen, shares soar 40%Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion.
Herkunft: nbcchicago - 🏆 545. / 51 Weiterlesen »

Rivian shares soar 30% after Volkswagen takes $1 billion stakeVolkswagen is taking a $1 billion stake in electric vehicle startup Rivian, which has been seeking to cut costs and shore up cash.
Herkunft: CNBC - 🏆 12. / 72 Weiterlesen »