background image

Volkswagen will invest up to $5 billion in Rivian

author image

By illuminem briefings

· 1 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the New York Times or enjoy below:

🗞️ Driving the news: Volkswagen will invest up to $5 billion in Rivian, the electric truck maker, to collaborate on software and other technologies, aiming to bolster both companies' strengths and address their weaknesses

🔭 The context: Rivian has faced challenges in ramping up manufacturing and achieving profitability
• The partnership will provide Rivian with much-needed cash and Volkswagen with software expertise crucial for EV development

🌍 Why it matters for the planet: The investment supports the growth of electric vehicles, essential for reducing carbon emissions and combating climate change
• This alliance could enhance the capabilities of both companies in the competitive EV market

⏭️ What's next: The deal, pending regulatory approval, will see Volkswagen become a significant shareholder in Rivian
• Both companies will continue to market their vehicles separately but use jointly developed software from the second half of the decade

💬 One quote: “This is important for us financially,” said Rivian CEO R.J. Scaringe, emphasizing the significance of the partnership in launching new models and completing a halted factory project

📈 One stat: Rivian's stock jumped more than 50% in extended trading following the announcement of the Volkswagen deal

Click for more news covering the latest on mobility tech

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices

Related Posts

You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)