November 13, 20240 Comments

VW launches $5.8bn partnership with Tesla rival Rivian

Volkswagen Group (VW) and Tesla rival Rivian have launched a joint venture, with the German car giant increasing its investment in the partnership. The two companies say the the deal is now worth $5.8bn (£4.55bn) – up from an initial pledge of $5bn by VW. Shares in the US electric vehicle (EV) maker jumped more than 9% in after-hours trading following the announcement. The tie-up will see the firms sharing

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November 7, 20240 Comments

Rivian sticks to gross profit target despite part supply disruption By Reuters

By Akash Sriram and Abhirup Roy (Reuters) -Rivian stuck to its forecast of achieving gross profit in the fourth quarter even as it reported its first drop in quarterly revenue hurt in part by shortage of a component. Shares of Rivian (NASDAQ:) rose nearly 2% as the Irvine, California-based company expects to “generate modest positive gross margin” in the current quarter helped largely by cost cuts, and higher revenue per

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