News Formal

Volkswagen Group to make up to $5bn investment in Rivian for software help

  • 📰 CARmagazine
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 55%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

CAR magazine UK reveals the news that Volkswagen Group and Rivian are teaming up to develop new car sofware

Volkswagen and Rivian have announced a joint venture to develop software for next-generation vehicles.

The move consists of a lot of money for Volkswagen but makes sense for both brands. Rivian is currently under some financial pressure; the US-based electric car brand announced it would have to lay off 10 per cent of its salaried workforce in 2024, withFor Volkswagen, enlisting the help of an super switched-on start-up outsider like Rivian could help it out of its own CARIAD-shaped software hole.

RJ Scaringe, founder and CEO of Rivian said in the statement: ‘Since the earliest days of Rivian, we have been focused on developing highly differentiated technology, and it’s exciting that one of the world’s largest and most respected automotive companies has recognized this.’

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:

 /  🏆 382. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

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

Rivian jumps as $5 billion Volkswagen investment signals 'vote of confidence'Rivian jumps as $5 billion Volkswagen investment signals 'vote of confidence'
Source: Investingcom - 🏆 450. / 53 Read more »