Volkswagen is taking a $1 billion stake in electric vehicle startup Rivian, which has been seeking to cut costs and shore up cash.
Volkswagen is taking a $1 billion stake in electric vehicle startup Rivian, which has been seeking to cut costs and shore up cash amid slower-than-expected adoption of EVs.The companies announced the deal after markets closed Tuesday – two days ahead of an investor event for Rivian, which has been under pressure from Wall Street due to its cash burn and significant losses.when Rivian went public in 2021.
45 billion during the first quarter of this year, as it retooled its plant in Normal, Illinois, to launch updated versions of itsThe company has been on a cost-cutting mission for months. It has trimmed staff, retooled its Illinois plant to increase efficiencies and paused construction of a new multibillion-dollar factory in Georgia. That last measure is expected to save more than $2.
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