VW launches $5.8bn partnership with Tesla rival Rivian
VW launches $5.8bn partnership with Tesla rival Rivian
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Volkswagen Group (VW) and Tesla rival Rivian have announced a joint venture, with VW increasing its investment in the partnership to $5.8bn. This collaboration will allow the two companies to share critical technology in the competitive electric vehicle market. Rivian, currently facing losses, will benefit from the funding as it prepares to launch its R2 model next year, a more affordable SUV. VW will also incorporate Rivian’s technology into its own vehicles, with the first models expected to be available to customers by 2027. The partnership aims to reduce development costs and accelerate the scaling of new technologies, with teams from both companies working together in California and setting up facilities in North America and Europe.
Volkswagen Group (VW) and Tesla rival Rivian have launched a joint venture, with the German car giant increasing its investment in the partnership.
The two companies say the the deal is now worth $5.8bn (£4.55bn) – up from an initial pledge of $5bn by VW.
Shares in the US electric vehicle (EV) maker jumped more than 9% in after-hours trading following the announcement.
The tie-up will see the firms sharing critical technology at a time of slowing global demand for electric cars and increased competition from Chinese rivals.
The joint venture provides loss-making Rivian with a crucial source of funding as it prepares for the launch next year of its R2 model – a sports utility vehicle (SUV) that is smaller and more affordable than its current offerings.
It also means VW will be able to use Rivian’s technology in its own range of vehicles.
The first VW models equipped with Rivian technology are expected to be available to customers as early as 2027.
“By combining their complementary expertise, the two companies plan to reduce development costs and scale new technologies more quickly,” the two companies said in a statement.
Under the plan, developers and software engineers from both firms will initially work side by side in California, while three other facilities in North America and Europe will be set up.
VW launches $5.8bn partnership with Tesla rival Rivian
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