Volkswagen increases investment into Rivian joint venture to $5.8 billion
The Volkswagen-Rivian joint venture is intended to launch VW models with Rivian electric vehicle technology as soon as 2027
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The Volkswagen-Rivian joint venture is intended to launch VW models with Rivian electric vehicle technology as soon as 2027
The Rivian company failed to beat analyst expectations on key metrics in its latest quarter.
EV company Rivian beat on both fronts in its latest round of financial earnings.
Volkswagon will start with a $1 billion investment, with the other $4 billion coming through the joint venture to aid Rivian in bringing its next vehicles to market.
Rivian's revenue gain is in line with Wall Street expectations and represents a year-over-year increase.
Rivian's upcoming R2 SUV represents a less pricey offering from the company as it attempts to meet customer demand for a more cost-effective EV.
The EV company has produced new guidance numbers for its upcoming financial year.
Rivian's total EV production for the last year exceeds the company's recent estimates put out at the end of Q3 2023.
Rivian continues to do better than expected and has adjusted its production forecast accordingly.
Rivian's production guidance has increased following the release of the Q2 2023 earnings report.