234
VW will invest up to $5 billion in Rivian as part of new EV joint venture
(www.theverge.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 26 Jun 2024
234 points (98.0% liked)
Technology
59670 readers
2174 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
This is the best summary I could come up with:
The joint venture will be co-owned by Rivian and VW Group, which oversees brands like Audi, Porsche, Lamborghini, and its flagship Volkswagen.
The new venture was announced in a post from Rivian CEO RJ Scaringe, who noted the investment will help the company bring its next generation R2 electric vehicle to market starting in 2026.
VW Group CEO Oliver Blume said all of the company’s brands could benefit from the partnership with Rivian, including potential competitor Scout Motors, which is planning to launch a new lineup of electric trucks in the US.
The plan was to use Rivian’s battery pack and electric motor setup in a Ford or Lincoln branded SUV.
Asked whether the deal would make Rivian the exclusive partner to VW and its brands, Scaringe declined to answer directly.
“In the context of the joint venture, we have certainly talked about the ability to work on other products or private programs outside of the Rivian or Volkswagen Group portfolio,” he said.
The original article contains 645 words, the summary contains 163 words. Saved 75%. I'm a bot and I'm open source!