Volkswagen will invest up to $5 billion in Rivian, an EV maker that's struggled with profitability.
Rivian, which lost $1.4 billion in the first quarter, aims to develop a more affordable SUV.
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AdvertisementVolkswagen just inked a deal to invest up to $5 billion in Rivian, the electric-vehicle maker that has, like its peers, struggled to turn a profit.
It also affords Rivian, which lost $1.4 billion in the first quarter, a financial cushion to continue developing a much cheaper SUV.
Persons:
that's, —
Organizations:
Volkswagen, Service, Business
Locations:
Rivian