Volkswagen is taking a $1 billion stake in electric vehicle startup Rivian, which has been seeking to cut costs and shore up cash.
Volkswagen is taking a $1 billion stake in electric vehicle startup Rivian, which has been seeking to cut costs and shore up cash amid slower-than-expected adoption of EVs.Workers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, U.S. June 21, 2024.The companies also plan to establish a joint venture, which could increase the investment to up to $5 billion until 2026.
The companies announced the deal after markets closed Tuesday – two days ahead of an investor event for Rivian, which has been under pressure from Wall Street due to its cash burn and significant losses.when Rivian went public in 2021. The Detroit automaker sold a majority of its Rivian shares by 2023 after walking back a plan to codevelop EVs with the company.
Rivian reported a loss of $1.45 billion during the first quarter of this year, as it retooled its plant in Normal, Illinois, to launch updated versions of itsThe company has been on a cost-cutting mission for months. It has trimmed staff, retooled its Illinois plant to increase efficiencies and paused construction of a new multibillion-dollar factory in Georgia. That last measure is expected to save more than $2.
Autos Transportation Business Volkswagen AG Rivian Automotive Inc Amazon.Com Inc Ford Motor Co Breaking News: Technology Technology Business News
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Rivian shares soar 30% after Volkswagen takes $1 billion stakeVolkswagen is taking a $1 billion stake in electric vehicle startup Rivian, which has been seeking to cut costs and shore up cash.
Les mer »
Travis Kelce, Two Other KC Chiefs Land on 'Top 30 Players Over 30' ListIn a recent ranking of the best players who will be 30 or older to start the season, the KC Chiefs saw Travis Kelce, Chris Jones and Joe Thuney make the cut.
Les mer »
30 Products You Should Know About If You’re Approaching 30We're entering our 30s era with some helpful new products. 💅
Les mer »
The 30 Most Stylish People of the Last 30 YearsFrom their viral red carpet looks to their trendsetting street style, these are the people defining the last three decades of fashion.
Les mer »
Astros fans complete epic journey to all 30 MLB parks in 30 days30 parks in 30 days: Karmen Barefield and Todd Nicholson wore Astros jerseys to each and every game, collecting memories along the way.
Les mer »
Today in History: May 30, Joan of Arc burned at the stakeOn May 30, 1431, Joan of Arc, condemned as a heretic, was burned at the stake in Rouen (roo-AHN’), France. Click here for more Today in History.
Les mer »