Thursday, July 25, 2024

Volkswagen spends DKK 35 billion on a new car brand

American Rivian now gets financial support from Germany when Volkswagen initially invests DKK 35 billion in the ailing company.

Volkswagen is moving around quite a significant amount of money at the moment. The brand has thrown money at the ailing Rivian. Initially 1 billion dollars.

However, the investment is expected to grow to 5 billion dollars. In Danish currency, this corresponds to DKK 35 billion.

The news has already caused Rivian's otherwise very sluggish share to grow significantly. The Rivian share is now worth just over 12 dollars per share. pieces. An increase of just over 40 percent compared to the days of the news of the investment from Volkswagen.

– This is exciting! Oliver Blume (who is director of the Volkswagen Group, ed.) and I are pleased to announce the formation of a joint venture between our two companies.

READ ALSO: 29 percent of all electric car owners want to go back to the petrol car

– A partnership brings Rivian's software and zone-based electronics platform to a wider market through the Volkswagen Group's global reach and scale, says Rivian director RJ Scaringe in a press release .

It recently emerged that the brand is spending 500 billion kroner on the internal combustion engine. The money is taken directly from a pool that the Germans would otherwise have spent exclusively on electric cars. Read more about it here.

On LinkedIn, the Danish car industry analyst Rene Tonder writes that the investment is probably about Volkswagen having come to a realization. Namely that the Germans cannot complete the entire task of software development for future cars themselves.

Conversely, Rivian is known to lose money. An awful lot of money actually. Back in February, it emerged that the brand adds 234,000 kroner every time one of their cars leaves the assembly line.

Read more exciting news from and about the world of cars right here!

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