Volkswagen's $5 Billion Investment in Rivian to Revolutionize EV Industry

Tuesday, 25 June 2024, 20:06
German automaker Volkswagen Group announces a historic $5 billion investment in U.S. electric-vehicle maker Rivian in a joint venture targeting shared EV architecture and software. Rivian's stock value skyrockets by 30% post-announcement, propelling the company's market worth by over $3 billion. The collaboration paves the way for Rivian to accelerate the development of its upcoming R2 SUVs, alongside their renowned R1S SUVs and R1T pickups, scheduled for launch in 2026. This transformative alliance emphasizes Volkswagen and Rivian's commitment to shaping the future of electric mobility.
Yahoo Finance
Volkswagen's $5 Billion Investment in Rivian to Revolutionize EV Industry

Volkswagen's Investment in Rivian: A Game-Changer in Electric Vehicles

German automaker Volkswagen Group is set to invest $5 billion in U.S. electric-vehicle maker Rivian as part of an innovative joint venture focusing on shared EV architecture and software.

Rivian's Surge in Stock Value

Following the announcement, shares of Rivian soared by 30% in extended Nasdaq trade, elevating the company's stock market capitalization by more than $3 billion.

Rivian's Funding Boost for R2 SUVs

The substantial investment will empower Rivian to advance the development of its R2 SUVs, in addition to its existing R1S SUVs and R1T pickups.

CEO RJ Scaringe revealed that the upcoming R2 SUVs are slated for launch in 2026, heralding a new chapter in Rivian's electric vehicle lineup.

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