VW will invest a total of $5 billion into struggling electric vehicle maker Rivian as part of the arrangement, including a $1 billion immediate investment.The two automakers did not provide a name for the new joint venture company or name its leadership team. Rivian CEO RJ Scaringe said during a conference call that it would have two co-leaders, each reporting to one of the automakers.
"This is important for us financially," he said, "and one of the elements here is that it's also implicit Rivian's successes is important for Volkswagen Group's success." VW already has its own vehicle software subsidiary, Cariad, and that company will continue with its work, VW chief executive Oliver Blume said on a conference call. The new joint venture's work will be in addition to Cariad's and not in place of it, he said
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: nbcchicago - 🏆 545. / 51 Read more »
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.
Source: NBCLA - 🏆 319. / 59 Read more »
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.
Source: CNBC - 🏆 12. / 72 Read more »
Volkswagen Investing Up To $5 Billion In Rivian As The Carmakers Plan Software VentureAlan 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.
Source: ForbesTech - 🏆 318. / 59 Read more »
Volkswagen Is Investing Up To $5 Billion In RivianAlan 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.
Source: ForbesTech - 🏆 318. / 59 Read more »