Volkswagen will make investments $5 billion in Rivian as a part of a brand new three way partnership that may give the German auto big entry to the buzzy California electrical automobile firm’s software program and EV platforms.
Rivian CEO RJ Scaringe introduced the brand new enterprise in an article, noting that the funding will assist the corporate carry its next-generation R2 electrical automobile to market beginning in 2026.
Scaringe stated the partnership will carry Rivian’s new regional structure, now by means of its up to date second-generation R1 automobiles and its software program, to a “broader market.”
Little question the cash will turn out to be useful too. Like different pure-play EV firms, Rivian has been experiencing a interval of cooling demand for EVs. The corporate’s gross sales had been up, however its losses had been mounting. Rivian has gone by means of a number of rounds of layoffs in an effort to proper its funds.
