NEW YORK, June 26 — German auto giant Volkswagen will invest US$5 billion in US electric vehicle maker Rivian and create a joint venture expected to produce technology used by...
Home minister says eight nabbed for suspected terrorism a concern for spreading caliphate ideology, made police their No 1 target
Shares of Rivian rose 8.6 per cent on Tuesday and nearly 50 per cent in after-hours trading following the deal’s announcement just after the end of the trading session.Under the transaction, VW will make an initial US$1 billion investment in the US company in 2024 that will convert to Rivian common stock, to be followed by subsequent rounds in 2025 and 2026 of US$1 billion each.
VW’s investment will enable Rivian to fund investments to ramp up production at its Illinois factory and to advance a new plant in the state of Georgia, the company said.The venture will allow VW to employ Rivian’s existing electrical architecture and software plan, accelerating the German company’s efforts on software-defined vehicles.
Rivian Joint Venture Electric Vehicles
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Police arrest 22 at pro-Palestinian protest at Brooklyn MuseumNEW YORK, June 2 — New York police arrested at least 22 people after pro-Palestinian protesters picketed New York’s Brooklyn Museum, charging some with offenses including...
Read more »
Muslim nurse in New York fired after calling Israel’s war in Gaza ‘genocide’WASHINGTON: A New York City hospital fired a Palestinian American Muslim nurse after she called Israel’s war in Gaza a “genocide” during an acceptance...
Read more »
Doja Cat, Post Malone to headline New York aid festivalNEW YORK, June 19 — Doja Cat and Post Malone are set to headline this year’s Global Citizen Festival, a marathon concert in New York City’s Central Park that urges global...
Read more »
Original Harry Potter cover art heads to New York's auction blockIndia, one expert says, has ‘indicated that it is willing to gradually ramp up pressure on issues like Tibet and Taiwan’
Read more »
Robert De Niro slams Trump at press event outside courthouseNEW YORK, May 29 — Actor Robert De Niro yesterday spoke outside the New York court where Donald Trump is standing trial, branding him a dangerous “clown” who will become a...
Read more »
New Rumour Suggests IOS 18 To Get AI-Generated Emojis And New Customisation OptionsBloomberg's Mark Gurman claims to have a lead on several new features that are expected to debut on Apple's upcoming iOS 18 update. In his latest Power On
Read more »