Volkswagen Invests in Rivian
Joint Venture to Focus on Electric Vehicles
Companies Will Share Ownership and Control
German automaker Volkswagen Group will invest up to 5 billion in US electric-vehicle maker Rivian as part of a new joint venture. The joint venture will focus on developing and producing electric vehicles, and the two companies will share ownership and control of the new entity. This is a significant investment by Volkswagen in the electric vehicle market, and it is a sign of the growing importance of electric vehicles in the global automotive industry.
Rivian is a relatively new company, but it has quickly become a leader in the electric vehicle market. The company's first vehicle, the R1T pickup truck, has been praised for its performance and design. Rivian is also developing an electric SUV, the R1S. The company has plans to build a factory in Normal, Illinois, and it is expected to begin production of the R1T and R1S in late 2021.
Volkswagen is one of the world's largest automakers, and it has been slow to embrace electric vehicles. However, the company has recently announced plans to invest heavily in electric vehicles, and the investment in Rivian is a sign of this commitment. Volkswagen is expected to use Rivian's technology to develop its own electric vehicles, and the two companies will also work together on developing new electric vehicle technologies.
The joint venture between Rivian and Volkswagen is a significant development in the electric vehicle market. It is a sign of the growing importance of electric vehicles, and it is likely to accelerate the adoption of electric vehicles around the world.
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