Rivian and Volkswagen have formed a JV for a deal size of up to $5.8 billion to be jointly led by Rivian’s chief software officer, Wassym Bensaid, and Volkswagen’s chief technology engineer, Carsten Helbing. Rivian is also building the Rivian Adventure Network, a series of charging stations along popular routes and out-of-the-way destinations. The charging stations can add up to 120 miles of range to a battery pack in just 20 minutes. The company is planning to launch at least 2500 stations nationwide.
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- The company was founded in 2009 and is based in San Jose, California.
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The focus now, however, will likely shift away from Rivian’s numbers to its growth plans and product pipeline. Its joint venture with Volkswagen not only validates Rivian’s EV technology, but also infuses it with cash that should help the EV maker scale up its production capacity faster and launch new products as planned. It’s no surprise that the EV stock is sizzling hot today, what with shares still trading nearly 50% below their 52-week high, as of this writing, even after today’s big jump.
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These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies. The company offers five-passenger pickup trucks and sports utility vehicles under the R1T and R1S labels. The R1T is a highly configurable pickup while the R1S is an off-road capable SUV. The R1T is hailed as the world’s first EV adventure vehicle, it began production in early 2021 and the first deliveries were made later aaatrade apps on the app store that same year. By mid-2022 the company had delivered more than 8,000 vehicles with production ramping quickly. Rivian Automotive, Inc. is an OEM EV manufacturer focused on pickup trucks and SUVs.
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LinkedIn will no longer support native audio events beginning next month, the company said in an update. Volkswagen Group (VW) and Tesla rival Rivian have launched a joint venture, with the German car giant increasing its investment in the partnership. In June, Rivian announced plans for a JV worth up to $5 billion with Volkswagen and said it expected to form the JV by the fourth quarter of 2024. Rivian has never declared or paid any cash dividends on our capital stock, and does not anticipate declaring or paying any dividends in the foreseeable future. South Carolina is often a sought-after retirement destination within the United States.
Overall, the deal highlights a unique opportunity for Rivian to improve the scale and efficiency of its operations using shared insights and resources from a brand like Volkswagen which has a broad market presence and respectable expertise. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. 17 senior network engineer interview questions and answers climb Neha Chamaria has no position in any of the stocks mentioned. You can view our recent press releases by visiting our Newsroom. You can obtain Rivian’s investor relations material in the Investors section of our website.
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Insiders that own company stock include Motor Co Ford, Robert J Scaringe, Kjell Gruner, Claire Mcdonough, Jay T Flatley, Jeff Baker and Jiten Behl. The R1T comes with 8 different drive modes geared for offroading, city adventures, and everything in between. Among the choices is the “Drift” mode which proactively distributes power to offset traction control and increase the “fun” factor. The vehicle comes with a 240 to 400-mile range depending on the battery and motor combination and individual driving styles. In regard to its capabilities, the truck can go from 0 to 60 in 3 seconds, tow up to 11,000 pounds, and wade through 3 feet of water with no problems.
The biggest highlight of the venture, though, is the potential launch of Volkswagen’s first models under it by early 2027. Volkswagen’s models built on Rivian’s technology will push the EV maker into the mainstream automotive industry and could open up big opportunities in the coming years. Come along for a virtual tour of our state-of-the-art manufacturing facility in Normal, Illinois. Watch as Rivian founder and CEO RJ Scaringe walks you through each shop to explain how we’re making progress in producing electric vehicles at scale.