{"id":40139,"date":"2024-06-26T07:00:16","date_gmt":"2024-06-26T07:00:16","guid":{"rendered":"https:\/\/gyalchisarshog.com\/?p=40139"},"modified":"2024-06-26T07:02:09","modified_gmt":"2024-06-26T07:02:09","slug":"vw-to-invest-up-to-5bn-in-tesla-rival-rivian","status":"publish","type":"post","link":"https:\/\/gyalchisarshog.com\/?p=40139","title":{"rendered":"VW to invest up to $5bn in Tesla rival Rivian"},"content":{"rendered":"\n

BBC: <\/p>\n\n\n\n

German car making giant Volkswagen (VW) says it will invest up to $5bn (\u00a33.94bn) in Tesla rival Rivian.<\/p>\n\n\n\n

The deal creates a joint venture that will allow VW and the US-based electric vehicle (EV) maker to share technology.<\/p>\n\n\n\n

Rivian shares jumped by almost 50% after the announcement.<\/p>\n\n\n\n

The tie-up comes as competition intensifies between EV makers and Western countries move to impose tariffs on Chinese imports.<\/p>\n\n\n\n

Under the agreement, VW said it will initially invest $1bn in the electric truck and SUV maker, with another $4bn to be put into the company by 2026.<\/p>\n\n\n\n

Founded in 2009, Rivian has not yet posted a quarterly profit. In the first three months of 2024 the company saw a net loss of more than $1.4bn.<\/p>\n\n\n\n

VW, like other motor industry giants, has come under pressure from rivals like Tesla and China’s BYD as it tries to make the shift from fossil fuel-powered vehicles.<\/p>\n\n\n\n

Meanwhile, some EV start-ups have struggled to make headway in the highly competitive market and as higher interest rates hit demand for big ticket purchases.<\/p>\n\n\n\n

The partnership will give VW immediate access to Rivian’s software allowing the German car maker to use it in its cars.<\/p>\n\n\n\n

Motor industry giants like VW have also been facing growing competition from Chinese EV makers, which have been expanding globally.<\/p>\n\n\n\n

Earlier this month, the European Union (EU) warned that it will raise tariffs on Chinese EV imports by as much as 38%<\/a>.<\/p>\n\n\n\n

Officials from China and the EU have held talks ahead of a 4 July deadline<\/a>.<\/p>\n\n\n\n

A months-long investigation by the European Commission found that Chinese EV companies had been “unfairly subsidised”.<\/p>\n\n\n\n

In response, China said the tariffs violated international trade rules and described the investigation as “protectionism”.<\/p>\n\n\n\n

The plan came just a month after the US said it will increase import levies on Chinese EVs from 25% to 100%.<\/p>\n\n\n\n

This week, Canada said that it was considering a similar move to align itself with allies.<\/p>\n\n\n\n

Separately on Tuesday, Tesla said it would recall most of its Cybertrucks sold in the US over issues with their windscreen wipers and exterior trim.<\/p>\n\n\n\n

The recalls cover more than 11,000 of the vehicles, which first went on sale at the end of November last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

BBC: German car making giant Volkswagen (VW) says it will invest up to $5bn (\u00a33.94bn) in Tesla rival Rivian. The deal creates a joint venture that will allow VW and the US-based electric vehicle (EV) maker to share technology. Rivian shares jumped by almost 50% after the announcement. The tie-up comes as competition intensifies between EV makers and Western countries move to impose tariffs on Chinese imports. Under the agreement, VW said it will initially invest $1bn in the electric truck and SUV maker, with another $4bn to be put into the company by 2026. Founded in 2009, Rivian has… <\/p>\n","protected":false},"author":1,"featured_media":40142,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-40139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-in-english"],"_links":{"self":[{"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/posts\/40139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40139"}],"version-history":[{"count":1,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/posts\/40139\/revisions"}],"predecessor-version":[{"id":40141,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/posts\/40139\/revisions\/40141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/media\/40142"}],"wp:attachment":[{"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}