"Volkswagen and Rivian have crossed all their T’s and dotted all their I’s in their new $5.8 billion joint venture, which officially kicks off its work on November 13th, the companies announced today.

Last June, VW said it would invest $5 billion in Rivian as part of a new joint venture that’s focused on developing a new electrical architecture and vehicle software for future models, including subcompact cars, with the first planned for 2027. Now that investment has grown to $5.8 billion."

..

"At the time, the new venture was seen as a big win for Rivian, which has lost over $1 billion each quarter for the past year and is still struggling to find its financial footing since its public offering in 2021. The company recently said it expected to lose up to $2.88 billion in adjusted earnings for the year, up from the previous guidance of $2.7 billion in losses. And it has gone through several rounds of layoffs over the past two years."

...

"Rivian CEO RJ Scaringe has said that the capital will help carry the company through the production ramp up of the R2 at its existing plant in Normal, Ill., as well as a midsized EV platform at a factory in Georgia, where Rivian paused construction earlier this year."



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