Rivian’s market value soared close to $86 billion shortly after it went public in 2021, but it is in dire need of funding to develop its next vehicle and it is bleeding money. Volkswagen needs help with its software, where Rivian is seen as a very strong player.
Volkswagen will initially invest $1 billion in Rivian Automotive Inc., with plans to invest up to an additional $4 billion. That $4 billion includes an additional investment of up to $2 billion in Rivian’s common stock that’s expected to include two installments of $1 billion each in 2025 and 2026. An investment of $2 billion related to the joint venture is expected to be split between a payment at the inception of the joint venture and a loan available in 2026.
“Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group’s global reach, but this partnership also is expected to help secure our capital needs for substantial growth,” Rivian founder and CEO RJ Scaringe said in a prepared statement.
Both companies expect to lower their costs per vehicle produced while ramping up scale.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
iPad mini - AI-READY DESIGN: THE A17 CHIP POWERHOUSE IN A COMPACT SIZE
Technology continues to shrink in size yet grow in capability, and the new iPad mini is no exception. The robust tool was designed to meet the demands of both personal and professional users.
16 Pro - AI-ORIENTED IMPROVEMENTS ON THE NEW IPHONE FLAGSHIP
At this year’s September Event, Glowtime, Apple unveiled new Apple Watches, AirPods, and iPhones.
iPhone 16 - THE STANDARD MODEL HAS NEVER BEEN THIS CLOSE TO PRO PERFORMANCE
The iPhone 16 and iPhone 16 Plus usher in a new era of tech powered by cutting-edge Apple Intelligence.
iPad Pro M4 - LOGIC PRO & FINAL CUT PRO: THE NEW HEIGHTS OF MOBILE COMPUTING
Apple wowed professionals with its all-new iPad Pro and iPad Air at its Let Loose event in May, but it is the accessories and software that will make the next generation of tablets stand out from the crowd and empower users to be more creative and productive than ever before.
Next Gen - iOS 18: PERSONALIZATION & INTELLIGENCE ACROSS MULTIPLE FEATURES & APPS
At this year’s WWDC, Apple introduced iOS 18, a significant update set to redefine the user experience on iPhone.
Robotics - AI TECHNOLOGY NOW TURNING SCI-FI INTO INDUSTRIAL REVOLUTION
The lines between science fiction and reality continue to blur, and new AI innovations bring the Machine Era closer to reality.
AirPods 4 - THE FAST EVOLUTION OF THE POPULAR WIRELESS EARPHONES
AirPods have transformed how we experience audio. With the introduction of the fourth generation, Apple is pushing the boundaries of innovation further, delivering immersive sound and connectivity.
Robot War - NEXT-GEN HUMANOID: OPTIMUS TESLA BOT VS ATLAS BOSTON DYNAMICS
Once a thing of science fiction, humanoid robots are now a reality, unlocking a new chapter in the world of technology and bringing to the fore a fascinating contest between two titans of the industry: Tesla, with its Optimus Tesla Bot, and Boston Dynamics, the creators of Atlas. It's a clash that could shape the future of robotics and how we live and work forever.
2024 THE DAWN OF THE APPLE INTELLIGENCE PRODUCTIVITY
2024 has been a groundbreaking year for Apple, with the tech giant continuing to deliver premium products catering to diverse users.
AUSTRALIA PLANS TO TAX DIGITAL PLATFORMS THAT DON'T PAY FOR NEWS
The Australian government said it will tax large digital platforms and search engines unless they agree to share revenue with Australian news media organizations.
