United States Electric Car & Tech Company Rivian Receives $5.8 Billion Investment from Volkswagen, Rivian Founded in 2019 by RJ Scaringe & IPO in 2021, Rivian Current Market Value at $12 Billion
14th November 2024 | Hong Kong
United States electric car & tech company Rivian is receiving $5.8 billion investment from Volkswagen. Rivian was founded in 2019 by RJ Scaringe, and IPO in 2021. Rivian current market value is at $12 billion. In 2024 June, Rivian & Volkswagen announced a joint venture. Rivian (2024 June): ”Rivian Automotive (NASDAQ: RIVN) and Volkswagen Group (XETRA: VOW / VWO3) have today announced their intention to form an equally controlled and owned joint venture (JV) to create next-generation electrical architecture and best-in-class software technology. The partnership is anticipated to accelerate the development of software for Rivian and Volkswagen Group. It is expected to allow both companies to combine their complementary strengths and lower cost per vehicle by increasing scale and speeding up innovation globally. Rivian’s proven in-market zonal hardware design and integrated technology platform are expected to serve as the foundation for future SDV development in the JV that will be applied to both companies’ vehicles. Rivian plans to contribute its electrical architecture expertise and is expected to license existing intellectual property rights to the joint venture. Both companies aim to launch vehicles benefiting from the technology created within the joint venture in the second half of the decade. In the short term, the joint venture is expected to enable Volkswagen Group to utilize Rivian’s existing electrical architecture and software platform. The partnership’s ambition is to accelerate Volkswagen Group’s SDV plans and transition to a pure zonal architecture. Each company will continue to separately operate their respective vehicle businesses.” Rivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers. The company provides a full suite of services that address the entire lifecycle of the vehicle and stay true to its mission to keep the world adventurous forever. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come.
“ United States Electric Car & Tech Company Rivian Receives $5.8 Billion Investment from Volkswagen, Rivian Founded in 2019 by RJ Scaringe & IPO in 2021, Rivian Current Market Value at $12 Billion “
United States Electric Car & Tech Company Rivian Receives $5.8 Billion Investment from Volkswagen, Rivian Founded in 2019 by RJ Scaringe & IPO in 2021, Rivian Current Market Value at $12 Billion
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