News Formal

Rivian jumps on Volkswagen's $5 billion 'vote of confidence' investment

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 17 sec. here
  • 8 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 63%

Rivian Automotive News

Volkswagen,Electric Vehicles,Vote Of Confidence

The investment will also bolster Rivian's depleting cash reserves, further its target of becoming profitable on a gross margin basis later this year and help...

- Rivian Automotive surged 36% premarket on Wednesday after a $5 billion investment from Volkswagen offered the loss-making startup more firepower to scale production in a slowing electric-vehicle market.

"It's a big vote of confidence in the EV maker's prospects," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. It had scrapped previous deals to make electric vehicles and commercial vans under separate joint ventures with Detroit automaker Ford in 2021 and Mercedes Benz in 2022.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rivian stock jumps on $5B Volkswagen investmentShares of Rivian Automotive (RIVN) jumped following the market close on Tuesday after Volkswagen (VWAGY, VOW.DE) announced it would invest up to $5 billion...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »