The Rivian-Volkswagen Technologies joint venture completed a third milestone of their agreed partnership. This means a third $1 billion check was issued toward buying Rivian shares, with the German carmaker now owning 15.9% of Rivian. This puts it well ahead of Amazon, which hasn't updated its stake and is now estimated to own about 11.8% of the company.
Volkswagen is laying its eggs in several baskets as it navigates brutal market conditions in its electrification efforts. The German carmaker has a partnership with Xpeng to produce software-defined vehicles in China, namely the ID. Unix lineup. Volkswagen also produces the ID. Era models in partnership with SAIC.
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