Volkswagen, the world’s second-largest automaker, on Tuesday introduced that it’ll enter a 50-50 joint-venture with US electrical car (EV) producer Rivian. Germany-based VW stated it can make investments $5 billion (€4.7 billion) in a deal to collectively develop next-generation software program that each it and the California-based Rivian will share of their autos. Volkswagen stated the software program will probably be utilized in autos from each firms in merchandise scheduled to come back to the market earlier than 2030. “The partnership will speed up the software program growth of the Volkswagen Group and Rivian,” the assertion continued. “With our work collectively we are going to extra rapidly obtain the very best options for our autos at a decrease price,” stated VW CEO Oliver Blume. VW has been tormented by issues with its personal software program growth firm CARIAD, forcing its subsidiaries Audi and Posche to delay the introduction of recent EVs by as a lot as two years, in accordance with the German enterprise each day Handelsblatt. Information of the deal gave a 42% enhance to Rivian shares in after-hours buying and selling. Based in 2009, Rivian is valued at round $11 billion on the Nasdaq expertise trade although it has been shedding billions with its electrical pickups and SUVs thus far. Within the first quarter on 2024, the corporate stated it was shedding $38,000 per car. Fears that China overtaking automotive nation GermanyThis browser doesn’t assist the video factor. js/jsi (AFP, Reuters)