The deal creates a joint venture that will allow VW and the US-based electric vehicle maker to share technology.The tie-up comes as competition intensifies between EV makers and Western countries move to impose tariffs on Chinese imports.
Founded in 2009, Rivian has not yet posted a quarterly profit. In the first three months of 2024 the company lost $1.5bn. Meanwhile, some EV start-ups have struggled to make headway in the highly competitive market and as higher interest rates hit demand for big ticket purchases. Motor industry giants like VW have also been facing growing competition from Chinese EV makers, which have been expanding globally.
Source: Energy Industry News (energyindustrynews.net)
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