The infusion will give VW the ability to tap the company’s technology to develop “next generation” battery-powered vehicles and software. AdvertisementBusiness Once the darling of the EV world, the electric truck-maker Rivian is reeling Electric truck maker Rivian was once seen as a rising star in the EV space. The surprise investment comes during a tough time for the electric vehicle market, which has posed economic headwinds for Rivian and other EV makers. In March, Rivian postponed plans to build a new $5-billion manufacturing plant in Georgia to save money amid heavy losses. Early this year, Apple pulled the plug on its self-driving electric vehicle program, reportedly after spending $10 billion over a decade.

Source: Los Angeles Times June 26, 2024 15:39 UTC