As it became known, Volkswagen will acquire a convertible bond of Rivian in the amount of $1 billion and plans to invest another four billion in the company. Rivian, for its part, announced the creation of a joint venture with Volkswagen, which will develop platforms for electric vehicles. Volkswagen will have access to existing Rivian technologies.
For 2025-2026, the German concern has planned additional investments, which include the purchase of shares worth two billion dollars and the same amount in the form of a loan. There will also be payments when creating a joint venture, which the parties will own in equal shares. The joint venture will create a new electric architecture, which Volkswagen and Rivian plan to switch to in the second half of this decade. It is clarified that both brands will continue to produce cars independently of each other.
Against the backdrop of this news, Rivian shares rose in additional trading on Tuesday, while Volkswagen shares, on the contrary, fell by one percent.
Rivian surprised with the new R3 crossover similar to the Niva Video: Rivian sent a new R1T pickup to Pikes Peak Rivian presented the R1S SUV and the new generation R1T pickup
At the beginning of this summer, it became known that Volkswagen would adjust its electrification strategy and spend a third of its “electric vehicle” budget on cars with internal combustion engines. The concern’s financial director, Arno Antlitz, told reporters that out of a budget of 180 billion euros planned for “battery” models in 2023, it was decided to allocate about 60 billion to the development of internal combustion engines.
This is explained by the fact that Volkswagen makes money on models with internal combustion engines, so it is interested in maintaining their competitiveness. “The future is electric, but the past is not over yet,” Antlitz said.
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