'Volkswagen' invests $ 5 billion in 'Rivian' electric cars

The Volkswagen Group intends to invest $ 5 billion to establish a joint venture for electric vehicles, Revyan Automotive, leading to life in the stationary start, and gives the German auto industry the ability to access the technology of the American Electric Car Company. ‘Volkswagen’ said in a statement that it would immediately invest a billion in ‘Rivian’, and over time an extra $ 4 billion. The two companies said that the new project ‘will be evenly owned and controlled’. They added that they would work to develop vehicles with batteries of the ‘next generation’ equipped with advanced software. The price of “Rivian” traded after the market was closed, adding 37% to its value. It should be noted that the share of “Rivian” lost 49% of its balance from the beginning of the year to the closure of Tuesday. Volkswagen CEO Oliver Bloom said in a statement: “Through our cooperation, we will offer the best solutions to our cars faster at a lower cost.” And “We work to improve our technological file and competitiveness.” The mutual profits of the agreement offer a ‘revyan’ company an important source of the new capital after the company struggled to increase the production and delivery of the electrical phones and four -wheel drive vehicles. On the other hand, the large German car business will gain access to emerging electric motor programs and electric car engineering after years of struggle to effectively offer electricity operating vehicles and work on an equal footing with those produced by the “Tesla” business. According to the joint statement of the two companies, the two companies are planned to provide vehicles loaded with technology established by the joint project in the second half of this contract.