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Business

Volkswagen boosts bet on Rivian’s EV tech by $800 million

15 Nov 2024 17:55
VW Tiguan (top) and an ID.7 electric car inside the car storage tower at the Wolfsburg Volkswagen Plant, the worldwide headquarters of the Volkswagen Group, in Wolfsburg, Germany (AFP)
Rivian’s stock surged 24% on Wednesday to $13.10 as of 9:45 a.m. in New York. Volkswagen shares fell 3.3% as of 3:45 pm in Frankfurt. (AFP)
Battling a deep crisis, Volkswagen is eyeing an unprecedented cost-cutting drive and has warned it could close factories in Germany for the first time in its history. (AFP)
Volkswagen AG raised investment plans in Rivian Automotive Inc. by $800 million, signaling its commitment to the US partner even as electric-vehicle demand softens and the incoming Trump administration threatens to curtail supportive policies. (AFP)
Source: AFP
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