Irvine-based Rivian got a big boost: Volkswagen agreed to invest up to $5 billion in a joint venture with the struggling maker of electric trucks.
Irvine-based Rivian Automotive got a big financial boost on Tuesday, as Volkswagen agreed to invest up to $5 billion in a joint venture with the struggling manufacturer of electric trucks. Under a partnership announced by the companies, the German automaker will provide $1 billion initially and as much as $4 billion more over time. The infusion will give VW the ability to tap the company's technology to develop 'next generation' battery-powered vehicles and software.
31, compared with $1.72 billion during the same period a year earlier. Signs of stress mounted. In March, Rivian postponed plans to build a new $5-billion manufacturing plant in Georgia to save money amid heavy losses. A month earlier, Rivian announced a 10% cut to its workforce and lower production expectations. Last week another local EV manufacturer — Fisker Group Inc.
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