Volkswagen investing $5B in Irvine-based EV company Rivian to design vehicle software

  • 📰 ABC7
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 68%

15002739 أخبار

المملكة العربية السعودية أحدث الأخبار,المملكة العربية السعودية عناوين

Volkswagen will invest a total of $5 billion into Irvine-based EV maker Rivian as part of the new venture, including an immediate $1 billion investment.

Illinois-based Rivian and Volkswagen Group are forming a joint venture to create vehicle software, the two companies announced Tuesday.

"The way the joint venture has been configured as it's a 50/50 joint venture that's designed with two co-CEOs that report effectively in to both businesses," said Scaringe.Volkswagen needs help with its software, where Rivian is seen as a very strong player. "Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group's global reach, but this partnership also is expected to help secure our capital needs for substantial growth," Scaringe said.Rivian plans to license existing intellectual property rights to the joint venture, allowing Volkswagen Group to use Rivian's existing electrical architecture and software platform.

Rivian, based in Irvine, made a splash during its stock market debut in 2021 as company shares spiked 53% and its market value neared $86 billion, greater than that of Ford and just below General Motors.

 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 67. in SA

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Volkswagen investing $5M in Illinois-based electric car company Rivian to design vehicle softwareRivian and Volkswagen Group are forming a joint venture to create vehicle software, the two companies announced Tuesday.
مصدر: ABC7Chicago - 🏆 284. / 63 اقرأ أكثر »

European stocks higher, boosted by tech rebound; Volkswagen invests in RivianEuropean stocks higher, boosted by tech rebound; Volkswagen invests in Rivian
مصدر: Investingcom - 🏆 450. / 53 اقرأ أكثر »