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Volkswagen investing up to $5 billion in Rivian Automotive in Irvine

Posted on AllSides June 25th, 2024
From The Right

Volkswagen is investing up to $5 billion with electric-vehicle startup Rivian Automotive, which has struggled to produce its all-electric vehicles amid rising costs and declining demand. VW announced a joint venture with Rivian on Tuesday, June 25, saying its investment with the Irvine-based automaker would go toward creating next-generation software and architecture for EVs. Each company will hold a 50% stake in the venture, controlling it equally. Also see: Tesla recalls Cybertrucks twice in a day to fix windshield wipers, loose trim Rivian said the venture would enable both companies...

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