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German car making giant Volkswagen (VW) says it will invest up to $5bn (£3.94bn) in Tesla rival Rivian. The deal creates a joint venture that will allow VW and the US-based electric vehicle (EV) maker to share technology. Rivian shares jumped by almost 50% after the announcement. The tie-up comes as competition intensifies between EV makers and Western countries move to impose tariffs on Chinese imports. Under the agreement, VW said it will initially invest $1bn in the electric truck and SUV maker, with another $4bn to be put into the company by 2026. Founded in 2009, Rivian has not yet posted a quarterly profit. In the first three months of 2024 the company saw a net loss of more than $1.4bn. VW, like other motor industry giants, has come under pressure from rivals like Tesla and China's BYD as it tries to make the shift from fossil fuel-powered vehicles. Meanwhile, some EV start-ups have struggled to make headway in the highly competitive market and as higher interest rates hit demand for big ticket purchases. The partnership will give VW immediate access to Rivian's software allowing the German car maker to use it in its cars. Motor industry giants like VW have also been facing growing competition from Chinese EV makers, which have been expanding globally. Read more ➡️ https://buff.ly/3L1xNpv The Scottish Chambers of Commerce Network is here to support your business - reach out to share your views, concerns and opportunities. #SCCnews #businesssupport #businessnetwork #businessvoice #businessleader Sign up for the Scottish Chambers of Commerce enewsletter at https://buff.ly/3CpsQnu

Now this is interesting. As per BusinessWire, Rivian and Volkswagen Group intend to enter a joint venture to create next generation software-defined vehicle (SDV) platforms to be used in both companies’ future electric vehicles Volkswagen to invest an initial $1 billion in Rivian, with up to $4 billion in planned additional investment for a total expected deal size of $5 billion Joint venture is expected to build on Rivian’s industry-leading software and electrical architecture to create best-in-class software-defined vehicle technology platform Exciting. https://lnkd.in/dqDRFCRR

In this week's #automotive top stories: Volkswagen commits US$5 billion to Rivian to collaborate on EV technology, while India plans to invest US$750 million in Mexico's automotive sector. This and more in your weekly roundup! #MexicoBusinessNews #MexicoBusiness #WeeklyRoundups

Germany car giant VW to invest $5bn in Tesla rival Rivian!! Are we beginning to see a shift to traditional car companies starting to invest heavily in their EV offering. Could we see a more open and competitive EV market moving away from the current big players of Tesla and BYD who currently hold almost 40% of the market between them. Will this also start to decrease the average cost of EVs and improve driving range per charge in the long run? https://lnkd.in/dVCQyQZa

Volkswagen Flips the Script: $5 Billion Bet on Rivian to Spark EV Smackdown with Tesla and China: German auto giant Volkswagen (VW) throws its weight behind American challenger Rivian, investing up to $5 billion to create a joint venture focused on electric vehicle (EV) technology and software development. This strategic partnership signifies a major move in the intensifying competition within the EV market, particularly against Tesla and China's burgeoning electric car industry. The Deal Sweetens the Pot for Both Parties: VW gains immediate access to Rivian's cutting-edge EV software: This crucial technology will be integrated into VW's vehicles, accelerating their development of competitive EVs and narrowing the gap with Tesla. Rivian receives a significant financial boost: The $5 billion investment bolsters Rivian's resources, allowing them to further develop their technology and potentially reach profitability faster. Additionally, the joint venture allows Rivian to leverage VW's vast production expertise and global reach. A Global EV Landscape Heating Up: Western countries counter China's dominance: The VW-Rivian alliance reflects a broader trend. The European Union and the United States have both recently imposed tariffs on Chinese EV imports, citing unfair subsidies. This move signals a growing concern about China's aggressive expansion in the EV market. Traditional carmakers face pressure to adapt: VW, like many other established automakers, is struggling to transition from gasoline-powered vehicles. The partnership with Rivian demonstrates their commitment to developing competitive EVs and staying relevant in the rapidly changing automotive landscape. Challenges Remain, Even for Leaders: Rivian, despite its innovative technology, has yet to turn a profit. The success of the partnership hinges on their ability to translate their advancements into commercially viable products. Tesla, the current EV leader, faces its own hurdles. Their recent Cybertruck recall highlights potential production or quality control issues that could impact their market share. The VW-Rivian partnership marks a significant development in the EV race. It's a strategic alliance with the potential to disrupt the market and challenge Tesla's dominance. However, both companies, along with other players, will need to navigate the competitive landscape, address internal challenges, and continue innovating to solidify their positions within the ever-evolving EV industry.

This should be an interesting match up... The "VEE DUB" which is Volkswagen lied to consumers and government regulators in a 10-year long conspiracy regarding approximately 590,000 vehicles in the U.S. equipped with software that falsely reported low carbon emissions in an attempt to cheat U.S. standards.... which is Teaming up with... Rivian where sales are picking up, but heavy losses were likely to continue for some time; So VeeDub steps in to help a FORMER competitor, Rivian, with $5 billion to bring them up to par?? Or possibly get some real algorithms to Enhance vehicle platforms that'll lay a foundation for future cars from both companies?? Some analysts say it is like punching a bit of Nitrous oxide To bring both back into the Vehicle game AND others say the opposite. The RT1 where there is on way out here is the middle of nowhere still cannot put its rating of 11000 pounds very far in REAL WORLD tests (thanks to owner who let the try happen). They are fancy schmancy and LOOK like an actual truck unlike the space stainless rival. It Weighs in on a CAT certified scale at 7148 pounds on a 1500 class chassis (½ton) AND weighs near the exact same as a 2500 class chassis (¾ton) Diesel truck within a few pounds. TOO bad the Thermodynamics are against it. And will one last 20 years...with the same battery?? Maybe VeeDub can use the software that got them into trouble to a repurpose the software to think it will.

Big investment in the EV world ⚡️ By now, you will have seen the news that VW is set to invest up to $5 billion in Tesla rival Rivian, forming a joint venture that promises to revolutionise the industry. But what exactly does this mean? This collaboration will enable both companies to share technology, accelerating their growth and innovation in the competitive EV market. Rivian shares soared nearly 50% following the announcement, reflecting the market's confidence in this partnership. Initially, VW will invest $1 billion in the electric truck and SUV maker, with another $4 billion to follow by 2026. This strategic move provides VW with immediate access to Rivian’s cutting-edge software, which the German car maker can integrate into its vehicles to enhance their EV offerings. This alone is absolutely massive. This partnership brings numerous benefits to both companies. VW gains access to Rivian’s innovative technology, which can bolster its position in the rapidly evolving EV market. Rivian, on the other hand, benefits from VW's extensive resources and market reach, which can help the start-up scale its operations and accelerate its path to profitability. Moreover, this deal underscores the thriving nature of the EV industry. The continued investment from major players like VW highlights the sector's robust growth potential and the increasing shift towards sustainable transportation solutions. It’s an exciting time as we witness transformative shifts in the automotive industry, driven by strategic collaborations and significant investments. As competition intensifies among EV makers and Western countries impose tariffs on Chinese imports, partnerships like this are crucial for maintaining a competitive edge. VW, facing pressure from rivals like Tesla and China’s BYD, and Rivian, striving to establish its foothold in the market, are both well-positioned to benefit from this alliance. In addition to technological advancements, this joint venture signifies a strong commitment to innovation and sustainability in the automotive sector. It highlights the importance of collaboration in overcoming market challenges and driving forward the EV revolution. #vw #rivian #bbc #electriccars #electricvehicles #evcharging #investment #sustainability #innovation #technology #greenerfuture #netzero

Rivian Surges Nearly 50% on News of VW Investment The shares of EV maker Rivian surged nearly 50% after the news of a joint venture with Volkswagen, which will invest up to $5 bln. in the U.S. company. The two companies will also share technologies and VW will use Rivian’s software in its cars. Under the agreement, VW will initially invest $1bn in the electric truck and SUV maker, with another $4bn to be put into the company by 2026. Rivian was founded in 2009 and has put to market several models of quite expensive electric trucks and SUVs, but has been struggling financially and has not yet posted a quarterly profit.  Trade CFDs on Rivian: http://bit.ly/3ZbmaBE 59% of retail CFD accounts lose money.

Rivian's latest production forecast and financial results are drawing attention in the EV market. Despite a wider than expected first quarter loss and a cautious 2024 production outlook, Rivian remains optimistic about its guidance. The company's shift in production strategies, including upgrades to reduce costs and introducing more affordable vehicle variants, highlights its commitment to innovation and sustainability. This is of course an interesting space as Rivian and many other OEM's navigate the evolving landscape of electric vehicles and consumer demand. #Rivian #ElectricVehicles #EVs #automotivenews #automotive #autonews

Rivian receives $827 million in incentives to expand Illinois facility, shares jump: Filed under: Earnings/Financials,Government/Legal,Green,Plants/Manufacturing,Truck,SUV,Electric,Rivian Continue reading Rivian receives $827 million in incentives to expand Illinois facility, shares jump Rivian receives $827 million in incentives to expand Illinois facility, shares jump originally appeared on Autoblog on Sun, 5 May 2024 08:00:00 EDT. Please see our terms for use of feeds. Permalink |  Email this |  Comments #car #cars #awesome