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☆ VW's $5.8 billion investment in Rivian isn't guaranteed. Here are the milestones the EV maker needs to hit
  + stars: | 2024-11-13 | by ( Michael Wayland | ) www.cnbc.com   time to read: +1 min
DETROIT — Volkswagen Group increased its planned investment for a joint venture with electric vehicle startup Rivian Automotive to $5.8 billion as the companies have broader aspirations than they initially announced for the team-up. Investors were impressed with the details of the deal, sending shares of Rivian up 13% in trading Wednesday. The companies said they expect roughly 1,000 people to work for the joint venture. But VW's capital to Rivian isn't guaranteed, and neither is the success of the deal. The automotive industry has seen a number of major mergers and joint ventures that don't result in long-term successes.
Persons: Rivian, Rivian isn't Organizations: DETROIT — Volkswagen Group, Automotive, Investors, VW Locations: Normal , Illinois, Georgia, Rivian
☆ Rivian's head of software says the company is not trying to be like Tesla regarding automation
  + stars: | 2024-11-04 | by ( Lloyd Lee | ) www.businessinsider.com   time to read: +5 min
Rivian Chief Software Officer Wassym Bensaid says the future of cars will be hands-free. Related storiesA $5 billion investment from Volkswagen announced in June could help the struggling EV company deliver on its cheapest model yet, the R2, priced at $45,000 and set to launch in 2026. In January, Goldman Sachs analysts said Rivian's software is "a key part of the value proposition and monetization opportunity" for the company. "Software is, really behind the scenes, pervasive throughout the entire company," Bensaid told BI. "And we see Rivian as a tech company.
Persons: Wassym Bensaid, Bensaid, —, we're, robotaxis, wasn't, RJ Scaringe, EVs, Scaringe, Kleiner Perkins, Tesla, Rivian, We're, Goldman Sachs Organizations: Service, Business, Rivian, TechCrunch, CSO, EV, Motors, Volkswagen, Tesla Locations: Irvine , California, San Francisco
☆ Tesla stock is on track for the biggest 2-month surge since 2020 as the EV maker bags more charging deals
  + stars: | 2023-06-21 | by ( Zahra Tayeb | ) www.businessinsider.com   time to read: +2 min
Tesla stock is on track for the biggest two-month rally since 2020 as the company secures more charging deals. The shares have surged almost 60% since end-April, buoyed by the EV maker' collaborations with GM, Ford, and Rivian. Tesla also bagged another win after Texas approved the company's charging plugs as the state's industry standard. Simultaneously, Texas said it would mandate Tesla's charging plugs as the standard for the state's electric vehicle charging companies, according to Reuters. In recent weeks, the carmaker announced partnerships with General Motors and Ford, allowing both companies to use Tesla's charging stations by 2024.
Persons: Tesla, —, Elon, Rivian, RJ Scaringe, Dan Ives, bullishness Organizations: GM, Ford, Texas, Service, EV, Tesla, American, Adventure, Reuters, General Motors, Federal Reserve Locations: , Texas, China
☆ Rivian looks to raise $1.3 billion amid growing concerns about EV demand
  + stars: | 2023-03-07 | by ( John Rosevear | ) www.cnbc.com   time to read: +2 min
The Rivian name is shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. Rivian Automotive plans to raise $1.3 billion in cash via a sale of convertible notes, joining a growing list of EV makers scrambling to hoard cash as demand falters. The institutional investors purchasing the notes will have the option to buy additional notes worth up to $200 million, if they choose, above the initial $1.3 billion. Rivian raised nearly $12 billion when it went public in late 2021, helping it amass a cash hoard that still dwarfs that of most other EV startups. Rivian said the convertible notes will qualify as "green bonds," meaning they meet a set of criteria that tends to attract institutions willing to accept lower returns in exchange for supporting sustainable development.
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