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Volkswagen to Invest Up to $5 Billion Into EV Maker Rivian

Sean McLain of The Wall Street Journal reports on Volkswagen’s investment in Rivian.

The C3 Take
  • Volkswagen Group is investing $1 billion in Rivian Automotive, with plans to invest up to $5 billion total, including $2 billion for a joint software company and a potential $3 billion stake in Rivian over time.
  • The deal provides Rivian with much-needed financial support while helping VW bolster its struggling software unit.
  • While its technology is promising, Rivian has hemorrhaged money which has forced the company to redesign its vehicles with cost front of mind.

“Rivian’s R1T pickup, R1S SUV and battery-powered delivery van were a success with customers and critics, but the company struggled to turn a profit on them. The company reported a gross loss of $39,000 on every vehicle it sold in the first three months of the year.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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