The EV Era Continues To Be All About Joining Forces

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The story "The EV Era Continues To Be All About Joining Forces" was covered 2 days ago by Benzinga, a news publisher based in United States.

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The EV Era Continues To Be All About Joining Forces - Benzinga

Quick Summary:

With an immediate investment of $1 billion that is to be followed by $4 billion more through 2026, Volkswagen will be providing the struggling EV maker with the funds it needs to scale up its manufacturing as Rivian is to build a new factory in Georgia.

Volkswagen and Rivian plan to launch new vehicles utilizing the joint venture’s technologies before the end of this decade. Rivian’s fundamental vehicle software design is expected to provide the basis for the new company’s software. Rivian will license its existing IP rights to the joint venture, allowing Volkswagen to boost its tech profile and increase its competitiveness on the EV front.

Together, Rivian and Volkswagen are embarking on a joint venture to create vehicle software as they both fight for their place under the EV sun and look for ways to challenge the EV king, Tesla Inc (NASDAQ: TSLA). Volkswagen and Rivian announce a 50/50 win-win venture.