While the automotive world has begun its reverse shift by shifting its focus from electric cars to old and reliable plug-in hybrids, it seems that Volkswagen instead intends to invest the beauty of five billion dollars (over 4.66 billion euros) in the US full electric car manufacturer Rivian Automotive, Tesla rival.
Creation of a joint venture
According to what was reported by some international media, the agreement provides for the creation of a equal joint venture which will allow the two companies to share technology. A news that made Rivian shares soar by almost 50%. An initial injection of money will arrive immediately, precisely the first billion euros. The other four by 2026.
Who is Rivian?
Founded in 2009, Rivian has facilities in Plymouth, Michigan, Normal, Illinois, San Jose and Irvine, California, and the United Kingdom. Currently produces an SUV and an electric pick-up named R1S and R1T respectively, plus a van on the same platform but without much luck. In the first three months of 2014, the company seems to have recorded a net loss of over 1.4 billion dollars.
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