Volkswagen invests up to $5B in Rivian
Volkswagen partners with Rivian in a $5 billion deal to enhance its electric vehicle presence, challenging Tesla. The collaboration focuses on EVs and software, aiding Rivian financially amid market challenges.
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Volkswagen AG has entered a $5 billion partnership with Rivian Automotive Inc., aiming to boost its position in the electric vehicle market and compete with Tesla Inc. The collaboration will focus on developing battery-powered vehicles and software, providing VW with access to Rivian's technology. For Rivian, a company facing financial challenges, this deal serves as a crucial financial support as the EV market experiences a slowdown, prompting automakers to reassess their strategies. This joint venture represents VW's latest effort to regain momentum in the EV sector and underscores the shifting landscape of the automotive industry towards sustainable and innovative technologies.
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10 commentsVW themselves says they want the investment for the Software of Rivian, which also is somewhat curious.
I'm not sure if that's because we have a Rivian plant, because our local demographic likes pickup trucks, or both.
Their headlights are distinctive, making them almost impossible to miss.
[1]: VW Rabbit for the North Americans
They also have a tie-up with Xpeng in China for a China only EV platform.
Why have another iron in the fire with Rivian if they only make a US only truck and compact SUV ???.
VW is flailing about.
I'm all for it. The more Tesla competitors the better. I need them to be healthy. I'm probably about 5 years away from buying an EV (I just don't believe in the current crop and I've tested quite a few) and I'm not willing to be a guinea pig.
This can only be a good thing!
Some more discussion: https://news.ycombinator.com/item?id=40793174
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