Rivian (RIVN) and Volkswagen, an upcoming EV startup and one of the world’s largest automakers, are teaming up to accelerate the shift to electric vehicles.
In June, we learned Volkswagen would invest up to $5 billion to form a new joint venture with Rivian.
VW CEO, Oliver Blume, said the partnership is designed to “bring the best solutions to our vehicles faster and at a lower cost.” The legacy automaker will use Rivian’s software expertise to create a new EV archetecture for next-gen software defined vehicles (SDVs).
On Tuesday, Rivian and VW officially entered into an agreement to create their new joint venture, “Rivian and VW Group Technology, LLC.”
The total deal size is up to $5.8 billion and is expected to start on November 13, 2024. Through the new partnership, Rivian and VW plan to bring a next-gen EV architecture and best-in-class software to both companies future EV models.”
Blume said, “Today’s launch of the joint venture demonstrates the potential we want to leverage together in the coming years.”
Rivian’s next-gen R2, R3, and R3X (Source: Rivian)
Rivian and VW finalize joint venture EV partnership
New models will cover all “relevant vehicle segments,” including subcompact cars.” The new JV will be led by Rivian’s chief software engineer, Wassym Bensaid, and VW Group’s Carsten Helbing.
The teams will initially be based on Palo Alto, California, with three additional sites coming in North America and Europe.
Production at Rivian’s Normal, IL plant (Source: Rivian)
By combining Rivian’s software expertise and VW’s massive global scale, the JV plans to cut development costs and accelerate the scale of new tech.
Rivian CEO RJ Scaringe said today’s announcement “marks an important step forward in helping transition the world to electric vehicle.” He added the company is “thrilled to see our technology being integrated in vehicles outside of Rivian.”
Rivian R1S interior (Source: Rivian)
The JV plans to use the existing Rivian electrical architecture and software stack, enabling the launch of Rivian’s more affordable R2 in the first half of 2026. It will also be used to support the launch of the first Volkswagen EV from the JV as early as 2027.
Rivian and VW will scale the new tech across a wide range of price points and global markets, “paving the way for new generations of high-volume vehicles that are fully capable of advanced automated driving functions.”
Rivian R3X (Source: Rivian)
Teams from both companies have already “successfully demonstrated the potential of their collaboration,” developing a drivable demo vehicle in just 12 weeks.
Volkswagen plans to invest up to $5.8 billion in Rivian and the new JV by 2027. A $1 billion investment in the form of a a convertible note has already been issued. At close, VW will invest roughly $1.3 billion for background IP licenses and a 50% stake in the JV. The remaining up to $3.5 billion will come in “the form of equity, convertible notes, and debt at future dates,” and will be based on performance targets.
Rivian (RIVN) stock chart in 2024 (Source: TradingView)
Rivian’s stock price is up nearly 6% following the news in Tuesday’s after hours trading session. However, share prices are still down nearly 50% in 2024 and over 90% from their all-time high set in November 2021.
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A dozen Tesla vehicles burned at a store in Toulouse, France. Arson is suspected amid global protests and vandalism attacks against Tesla and Elon Musk.
Last night, a dozen Tesla vehicles burned down at Tesla’s retail and service location in Plaisance-du-Touch near Toulouse, France.
Firefighters arrived on the scene at around 4 a.m. and contained the fire to the vehicles. Eight of them were completely destroyed, and four were greatly damaged. The damages are estimated at over 700,000 euros.
According to the local news (translated from French), the police suspected arson as a hole was found in a fence, and threats had been made over the last few weeks. The Tesla location remained closed all day.
In France, there were a few protests planned, but some extremist groups are calling for widespread arson against Tesla stores:
I won’t share the link to the article since it gives step-by-step instructions on how to burn down Tesla stores without getting caught, but the manifesto explains that they are going after Tesla as a “symbol of capitalism,” although they also list a dozen other reasons including the fact that they think it’s “doable and cheap.”
Electrek’s Take
This is getting nuts. It’s not only dangerous, but it’s also not super effective in achieving the goal they claim to want to achieve.
Have they never heard of insurance? Tesla is having issues selling cars right now. You are burning unsold inventory that they can then claim to their insurance.
Sure, it disrupts their operations for a short period of time, but it’s not worth it.
Their manifesto does say to avoid violence and not to target vehicles owned by individuals – though it doesn’t sound like a strict rule for them, but I think these people are likely going to end up in jail for having achieved nothing.
The protests and boycotts are going strong. You don’t need to burn cars to make yourself heard.
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Is Ford’s electric pickup in trouble? Sales have been down for months, and February showed no relief. What’s going on with the Ford F-150 Lightning?
Ford F-150 Lightning sales drop again in February 2025
Ford’s US sales dropped by 9% last month. Although electrified vehicles, including EVs and hybrids, both notched double-digit growth, sales of Ford’s gas-powered (ICE) models, which accounted for over 85% of deliveries, fell nearly 13%.
Hybrids saw higher demand with sales up 27.5% to 15,357, while EV sales increased 15% to 7,326. The Mustang Mach-E was a bright spot with 3,312 models sold in February, up 13% from the prior year.
With 6,841 Mach-Es sold through the first three months of 2025, Ford’s electric crossover SUV remains a top-selling EV in the US.
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Ford’s electric pickup didn’t fare as well. F-150 Lightning Sales were down nearly 15% last month with only 2,199 units sold. Through March, Ford has sold 15% fewer Lightning models than it did at this time last year.
2024 Ford F-150 Lightning Platinum Black (Source: Ford)
Sales of the electric pickup have been slipping for months now. In the final three months of 2024, F-150 Lightning sales were down 10%.
The Lightning, alongside Rivian’s R1T, are no longer the only electric pickups on the market. Ford is facing new competition with the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra EV, arriving.
2024 Ford F-150 Lightning Flash (Source: Ford)
According to Cox Automotive, the Tesla Cybertruck slipped past the Lightning to become the fifth best-selling EV in the US last year with nearly 39,000 units sold. Ford’s Lightning was sixth with just over 33,500 models sold.
Ford extended its “Power Promise” promo earlier this year to boost demand, giving EV buyers a Level 2 home charger and other benefits, but Lightning sales are still down.
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)
The American automaker cut Lightning production at its Rouge Electric Vehicle Center last year, citing slower-than-expected demand. A new report from Automotive News claims Ford is now ending a pilot program to stock and distribute EVs through regional hubs after it failed to catch on. It was designed to speed up deliveries.
Although Ford plans to launch a smaller midsize electric pickup, it won’t arrive until at least two more years. With new competition, like the Ram 1500 REV and Volkswagen Scout pickup, hitting the market over the next few years, Ford may find it even harder to attract buyers.
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Costco’s Auto Program recently introduced some new member-only incentives, and the 2025 Volvo EX90 BEV is now on its list.
Volvo is offering Costco Executive Members $2,000 off the 2025 EX90. Costco Gold Star and Business members are eligible for $1,500 off. The incentives are available on all versions of the Volvo EX90 for members who purchase or lease from February 24 to April 30, 2025. It’s the only non-GM EV that’s that’s eligible for an incentive through the EV program.
The offer is compatible with A-Plan pricing for employees, as well as Affinity Pricing for teachers and first responders. Costco members will have had to have been members as of February 23 and be the primary members on the Costco account to qualify.
Volvo EX90 interior (Source: Volvo)
However, CarsDirect gave the heads up on how buyers can get up to $10,000 off the EX90’s MSRP. As we stated, if you’re a Costco Executive Member, that’s $2,000 off. Then, add the $7,500 EV Lease Allowance and a $500 loyalty discount on leases if you currently own or lease a Volvo or have owned or leased a Volvo within the past six months.
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With the destination fee included, the base EX90 MSRP starts at $81,290, so that brings it down to $71,290, a more than 12% discount, a pretty good deal.
The 2025 AWD Volvo EX90, which can seat seven passengers comfortably, has a range of up to 310 miles and is NACS-compatible. It has a 510 hp engine, 110 kWh battery capacity, and can go from 0-60 mph in 4.7 seconds.
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