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Volkswagen Will Invest Up to $5 Billion in Rivian

·1 min

Volkswagen, a German automaker, has announced a significant investment in Rivian, an electric truck manufacturer. The investment, initially set at $1 billion, may increase to as much as $5 billion. This partnership aims to develop software for electric vehicles. Rivian, which has struggled to turn a profit, will benefit financially from this deal, while Volkswagen hopes to enhance its electric vehicle capabilities and compete with Tesla. Following the announcement, Rivian’s stock surged by 30% in extended trading. The new software is expected to be available in the second half of the decade. Both companies plan to continue marketing their vehicles independently.