Rivian (RIVN) stock rises as Volkswagen plans to expand $5.8 billion EV partnership
Rivian’s (RIVN) stock is trending on Friday after Volkswagen CEO Oliver Blume hinted at expanding upon their new EV partnership. Volkswagen’s boss said the company could offer “great opportunities” for Rivian. Here’s what the new plans could include.
Rivian stock climbs on Volkswagen EV partnership plans
After launching their new joint venture in November, “Rivian and VW Group Technology, LLC,” Volkswagen is already looking to expand its partnership with the EV startup.
Blume told German news outlet Spiegel that “The Volkswagen Group offers great opportunities for a small brand like Rivian” on Friday. For example, Volkswagen’s head honcho said, “We are thinking about sharing modules and bundling purchasing volumes.”
Volkswagen already plans to invest up to $5.8 billion in the collaboration, which, according to Rivian CEO RJ Scaringe, is a “meaningful financial opportunity.”
So far, the partnership is mainly software support. Rivian is using its software expertise to develop a new EV architecture to power up new SDV (software-defined) electric vehicles.
Rivian already uses the platform and software stack, which consists of seven control units. Volkswagen models typically have over 100 of these units. The next steps could involve a joint purchase, deepening the VW/ Rivian EV alliance.
The architecture is designed to cut costs and speed up output. According to the report, a new ultra-luxury three-row Porsche electric SUV, codenamed “K1” internally, and the electric Golf successor will be among the first EVs to feature the new architecture.
Audi, Porsche, and the upcoming Scout brand for the US will use the new tech. Scout will launch an off-road electric SUV and pickup built at Volkswagen’s new plant in South Carolina from 2027.
The news comes after Rivian closed a loan agreement with the US Department of Energy (DOE) on Thursday for up to $6.6 billion in funding for its new EV plant in Georgia.
Rivian’s second manufacturing plant will house its midsize R2 and R3 electric models. The smaller, more affordable electric SUV and crossover will also benefit from the Volkswagen alliance.
On Friday, Rivian stock trended up over 5% after Volkswagen’s Blume hinted at expanding the new EV partnership. Since reporting third-quarter earnings in November, RIVN shares are up over 57%. However, they are still down nearly 10% over the past 12 months.
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The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.
The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:
- The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
- A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
- A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.
If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.
LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.
LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.
Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.
As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.
When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.
Read more: Cleantech investments to top fossil fuels for the first time in 2025
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Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.
Chevy adds new Equinox and Blazer EV deals in January
Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.
Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.
This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.
On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.
In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.
Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.
On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.
The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.
If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.
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