World Courant
Volkswagen (VW) says it would make investments as much as $5 billion (£3.94 billion) in US electrical car (EV) maker Rivian.
The deal creates a three way partnership that may enable the German auto big and Tesla’s rival to share know-how.
Rivian shares rose about 50% after the announcement.
The connection comes as competitors between EV producers will increase on account of declining gross sales and extra corporations getting into the market.
Beneath the deal, VW says it would initially make investments $1 billion within the electrical truck and SUV maker, with an extra $4 billion injected into the corporate over the subsequent few years.
Rivian, based in 2009, has not but posted a quarterly revenue. Within the first three months of 2024, the corporate misplaced $1.5 billion.
VW is below stress from rivals comparable to Tesla and China’s BYD because it tries to extend its share of the EV market.
German automobile producer VW will make investments as much as $5 billion in Tesla rival Rivian
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