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

Business

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

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

Business

Latest News

UAE

Ministry of Foreign Affairs permits UAE nationals to travel to Lebanon from May 7

Today 17:24

UAE

In the presence of Mohammed bin Khalifa bin Mohammed, Abu Dhabi Youth Council, in collaboration with Sheikh Shakhbout Medical City, organises youth circle

Today 17:07

UAE

Manal bint Mohammed announces Gender Balance Council Pledge Awards

Today 17:02

UAE

Al Owais: Supporting midwifery profession vital in promoting health of mothers, future generations

Today 16:12