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VW will invest up to $5 billion in Rivian as part of new EV joint venture
(www.theverge.com)
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this post was submitted on 26 Jun 2024
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What does VW get out of this?
Volkswagens EV platform is a mess because the CEO responsible for the pivot to EV within VW, was only allowed to implement it if he stopped being the CEO. So the next guy half assed the 80B$ pivot to EV, leading to VW being one of the worst performers amongst EV producing OEMs.
So now they are on the market to buy whatever is needed to get them out of the hot mess they created themselves.
PIVOT!!
mommy mommy why are we going in circles?
shut up or i'll nail your other foot to the floor!
VW is good at making cars, but bad at software. They've had to delay the introduction of new models (Golf, ID.3) because of software issues. Rivian has sort of the opposite problem: their production lines sit still often because of problems in the supply chain.
Volkswagen has the expertise to solve Rivian's production and supplier problems, and the cash they will need to survive and develop some cheaper models (the EV market is stagnating right now for a lack of budget options, and Rivian only sells trucks and SUVs). And they're hoping Rivian software engineers can help them fix their software woes.
Greenwashing.