Volkswagen invests in Rivian, and it's a big deal
Volkswagen Group will invest up to 5 billion in US Electric-vehicle maker Rivian as part of a new equally
Volkswagen and Rivian Automotive Inc shall each hold a 50 stake in the joint venture and it shall be equally controlled
Volkswagen is investing $1 billion in Rivian as part of a new joint venture. The two companies will work together to develop electric vehicles and self-driving technology. This is a major investment for Volkswagen, and it shows that the company is serious about electric vehicles.
The joint venture will be called Electrify America, and it will be based in the United States. Electrify America will develop and produce electric vehicles for the US market. The company will also build a network of charging stations across the country.
This is a major development for the electric vehicle industry. Volkswagen is one of the world's largest automakers, and its investment in Rivian is a sign that electric vehicles are becoming more mainstream.
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