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Rivian R1T (left) and R1S (right) electric vehicles (Source: Rivian)

VW and Rivian have just announced that the two companies will form a joint venture, bringing Rivian’s software expertise to VW’s products and providing an initial $1 billion, and potentially up to an eventual $5 billion, in capital for Rivian to get through its push to deliver its upcoming R2 vehicle.

Rivian is currently working hard to get costs down in its quest for profitability. While the company has large cash reserves, it’s running through them at relatively rapid rate. The financials get a little bit better each quarter, but there is still a lot of work to be done.

Recently, Rivian announced that it would delay building its plant in Georgia in order to save over $2 billion in the short term, helping reduce pressure on its near-term financials.

Now, today, the company has had another pressure valve released, as VW and Rivian have announced they will form a joint venture to bring Rivian’s software to VW’s EVs, with VW offering an initial $1 billion in capital and potentially up to $5 billion by 2026.

“Our customers benefit from the targeted partnership with Rivian to create a leading technology architecture. Through our cooperation, we will bring the best solutions to our vehicles faster and at lower cost. We are also acting in the best interest of our strong brands, which will inspire with their iconic products. The partnership fits seamlessly with our existing software strategy, our products, and partnerships. We are strengthening our technology profile and our competitiveness.”

Oliver Blume, CEO of Volkswagen Group

The partnership is valuable for VW as well, as software has been its biggest issue recently. VW’s previous CEO, Herbert Diess, stepped down in 2022, and it’s thought that software issues were the main reason for his departure. In 2023, VW hired a former Rivian exec to help with software. It must have liked what it got, as the companies are deepening their relationship now.

The partnership begins with VW offering a $1 billion convertible note to Rivian, which will convert into an equity holding around the end of this year.

In addition, the two companies will establish a 50/50 joint venture around “next generation electrical/electronic architecture.” This will give VW immediate access to Rivian’s software architecture, which has been seen as one of the major strengths of the company.

“We’re very excited to be partnering with Volkswagen Group. Since the earliest days of Rivian, we have been focused on developing highly differentiated technology, and it’s exciting that one of the world’s largest and most respected automotive companies has recognized this. Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group’s global reach, but this partnership also is expected to help secure our capital needs for substantial growth. Rivian was created to help the world to transition away from fossil fuels through compelling products and services, and this partnership is beautifully aligned with that mission.”

RJ Scaringe, Founder and CEO of Rivian

After the establishment of this joint venture, VW says it will invest an additional $4 billion into Rivian, in $1 billion tranches in 2025 and 2026, contingent on Rivian meeting “certain milestones.”

After the announcement, RIVN stock is trading up more than 40% in after hours trading. It had already risen 8% during today’s trading session after an analyst upgrade. Rivian will hold an investor call at 3pm Pacific, 6pm eastern here.

Electrek’s Take

This is great news for Rivian, and great news for VW as well.

However, Rivian has had a number of past partnerships that didn’t turn out.

Rivian had previously partnered with Ford to build Ford/Lincoln EVs and also with Mercedes to build electric vans. Both of those fell through, with the Mercedes deal including a joint venture and the Ford deal including a big investment which Ford later trimmed.

Rivian has also partnered with Amazon to deliver 100,000 delivery vans. That partnership is going well with over 10,000 vehicles delivered, but the exclusivity portion of the contract recently ran out, and now Rivian is looking for more purchasers.

In this case, though, I can see a direct reason for Voltswagen to need Rivian’s help. While their software is a lot better now than it used to be, software has been the achilles heel of traditional auto companies in general, and VW specifically. And with VW’s yearly revenue ($335 billion in 2023), they can spare a little change to fix one of their major problems.

One other interesting note: VW recently spun off its classic Scout brand into a Rivian-like adventure EV. That was seen as an attempt to compete in a market that Rivian is currently the best offering in. We wonder if this partnership will include using Rivian’s expertise for the Scout? Stay tuned.

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Suzuki unveils its first EV, a global electric SUV that will be re-badged as a Toyota

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November 4, 2024

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Suzuki unveils its first EV, a global electric SUV that will be re-badged as a Toyota

Suzuki-electric-SUV-Toyota

Japan’s Suzuki has finally unveiled its first all-electric vehicle. On Monday, Suzuki introduced the e Vitara in Europe, a global electric SUV that will soon join Toyota’s lineup.

Toyota and Suzuki are teaming up to keep pace as the industry shifts to electric. The two expanded their alliance last month, announcing plans for Suzuki to supply Toyota with a new global electric SUV.

The new SUV is designed “exclusively as a BEV,” based on a new platform co-developed by Suzuki, Toyota, and Daihatsu Motor.

After revealing the e Vitara on Monday, Suzuki gave us a better look at what to expect. Suzuki’s new EV is based on the eVX Concept, showcased at the Auto Expo in India last January.

Based on the “Emotional Versatile Cruiser” concept, Suzuki said the electric SUV’s design “combines a sense of advanced technology and strength.” The EV is powered by a new dedicated “HEARTECT-e” platform and powertrain for a nimble and sharp driving experience.

Suzuki’s new powertrain houses the eAxle (with electric motor and inverter) and lithium-iron-phosphate (LFP) batteries.

Suzuki-electric-SUV-Toyota
Suzuki’s first electric SUV, the e Vitara (Source: Suzuki)

Suzuki unveils electric SUV that will join Toyota’s lineup

The platform, designed explicitly for EVs, provides a spacious interior for passengers. Suzuki’s electric SUV also features an AWD “ALLGRIP-e” system for off-road capabilities and added performance.

Suzuki’s president, Toshihiro Suzuki, said the company will “continue to expand our BEV line-up and propose mobility solutions tailored to the needs of specific countries and regions.”

Suzuki-electric-SUV-Toyota
Suzuki’s first EV, the e Vitara (Source: Suzuki)

At 4,275 mm long, 1,800 mm wide, and 1,635 mm tall, with a wheelbase of 2,700 mm, the e Vitara is about the size of Kia’s new EV3 (4,300 mm long, 1,850 mm wide, and 1,560 mm tall, with a wheelbase of 2,680 mm).

Suzuki-electric-SUV-Toyota
Suzuki’s first electric SUV, the e Vitara (Source: Suzuki)

Although the official driving range has yet to be released, the electric SUV will be available in 49 and 61 kWh battery options. Suzuki said last January the concept would offer up to 342 miles (550 km) driving range.

Suzuki will begin building the new electric SUV at its Gujarat plant in India in Spring 2025, where it will also supply Toyota. Sales will start in Europe, India, and Japan around Summer 2025.

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Velotric early Black Friday offers new Discover 2 e-bike at $1,699, Hiboy EX6 e-bike $780 off, Husqvarna lawn care equipment 30% off, more

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November 4, 2024

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Velotric early Black Friday offers new Discover 2 e-bike at ,699, Hiboy EX6 e-bike 0 off, Husqvarna lawn care equipment 30% off, more

This week’s Green Deals is kicking off with another early bird Black Friday e-bike sale, this time coming from Velotric, which is offering discounts with a $5 charity donation on a bunch of models, including the first savings on its new Discover 2 Premium Commuter e-bike at $1,699. Following behind is Hiboy’s latest sale switch-up that has dropped the EX6 Step-Thru Fat-Tire e-bike to its $800 low for a limited supply (with Best Buy also matching it in price). From there, we have a bunch of Husqvarna lawn care equipment that is seeing up to 30% off discounts, with its Automower robot lawn mowers starting from $599, as well as a one-day-only discount on Razor’s MX650 Dirt Rocket Off-Road Motocross e-bike at $575. Plus, all the best hangover Green Deals from last week are in the links at the bottom of the page, including the Black Friday sales from Lectric, MOD, Tenways, and Aventon that are collected together in our Electrified Weekly roundup coverage.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Velotric early Black Friday sale sees best chance to save on new Discover 2 premium commuter e-bike at $1,699, more

Velotric has switched its gears into early bird Black Friday sales through November 14, with its discounted e-bike models getting up to an additional $200 taken off their price tags with a $5 donation to the brand’s charity fund that goes towards the Clean Air Task Force and The Solutions Project. One of the most notable inclusions in this sale is the very first chance to save on Velotric’s new Discover 2 Premium Step-Thru Commuter e-bike for $1,699 shipped. This new model has been priced at $1,899 since releasing back in spring, but today folks can get the first cash savings on it with a solid $200 slashed from its price tag ($195 with the donation technically). Velotric has also stated that this will be the lowest price on this model while the early savings last, so this all-time low looks as though it will be the best chance to save all month long. You can learn more about the e-bike below or in our hands-on review.

Velotric’s new Discover 2 Commuter e-bike is the next in the brand’s affordable lineup, boasting some new and impressive features and innovations at a reasonable price. For starters, the motor has been upgraded to a 750W 75Nm model that peaks up at 1,100W for more hill climbing and acceleration power, with a 705.6Wh battery delivering a large 75-mile travel distance and top adjustable speeds up to 28 MPH. It’s been given a torque sensor over a standard cadence model for seamless transitioning between your pedaling and the motor to kick on – plus, the pedal assistance has a more versatile system here with three different modes and five different levels each.

Among the Discover 2 e-bike’s features, there’s a hydraulic suspension fork paired with hydraulic disc brakes for smoother riding and reliable stopping power, while the Kenda puncture-resistant tires prevent any premature end to the fun. It’s also been given Apple Find My capabilities for boosted security, a light-sensing 130 Lux integrated LED headlight, and the rear rack has an integrated taillight that offers brake lighting, flashing/steady lighting, and even turn signal functionality. The display has also been bumped up in quality, as its full-color quality comes in a 3.5-inch form and has a USB-C port built right in to charge your devices as you ride (while also using it for GPS, for example). It sports a 440-pound max rider weight, has an 8-speed Shimano Altus derailleur, and an IPX6 water-resistance rating that means it can stand up to powerful water jets.

Velotric’s early bird Black Friday deals:

Velotric has some other deals planned for the second-half of the month, though it seems like some will not offer as big of a price cut on models, like the Discover 2, so don’t dawdle too long!

Discover 2 e-bike

Hiboy switches up sales by dropping its EX6 step-thru fat-tire e-bike to $800 low ($780 off), more from $192

Hiboy has switched up its ongoing savings across its EV lineup, with the brand’s EX6 Step-Thru Fat-Tire e-bike now down at $799.99 shipped for a limited supply. Normally going for $1,580, we’ve seen this low price pop up only three times previously over the year, first in March, followed by July’s Prime Day event, and lastly at the end of September coming from Best Buy – which is currently matching in price today too. You’re looking at a 49% markdown that saves you $780 and returns costs down to the lowest price we have tracked.

Hiboy’s EX6 e-bike makes a great starter model for folks not wanting to spend too much while gaining reliable commuting support, with it providing a nice 25 MPH top speed and up to 75 miles of travel on a single charge (depending on the riding modes you choose to use). This is achieved through the 500W brushless geared motor alongside its removable 48V waterproof battery and the three different pedal assistance modes (as well as a standard bicycle mode for cardio) – with a throttle that can solely be used at a reduced maximum of 41 miles of travel.

Hiboy has given this e-bike an ergonomically comfortable design to keep your body’s alignment in proper shape as you ride (and also provide further support if you’re focusing on your cardio health by pedaling it yourself). Its other features include a 7-speed Shimano derailleur, a hydraulic suspension fork, 20-inch all-terrain fat tires, fenders, dual disc brakes, a bright headlight, a rear cargo rack, an IPX4 splash/waterproof rating, and an LCD display

More Hiboy e-bike deals:

Best Hiboy e-scooter deals:

Hiboy bundle deals:

You can check out Hiboy’s entire sale on the landing page here.

Discover 2 e-bike

Husqvarna is offering a bunch of discounts on a collection of its tools and equipment, with its Automower series of robotic lawn mowers being included too as the 115H Robotic Lawn Mower starts at $599 shipped. More normally priced at $700 these days since falling from its original $1,400 rate at the end of 2022, this mower has mostly kept between $599 and its full price during 2024, with only one drop lower to $562 back in February. While it’s not the lowest price we have tracked, it is landing within short distances as the fourth-lowest price we have tracked – just $39 above the all-time low from last year.

Husqvarna’s 115H model of its robotic mowers utilizes the brand’s smart tech (including a patented guidance system) alongside guidance wires for areas that may have far more tree coverage in order to navigate your yard and deliver a uniform cut whenever you need it. You’ll have total control over the robot through its companion app, letting you adjust settings and schedules. The battery provides enough juice to the system to tackle up to 0.4 acres at a time (720 square feet an hour), with the robot’s body coming weatherproof and able to squeeze through more narrow areas and climb up to 17% slopes. It even possesses a built-in alarm system that will sound off when it is ever lifted and continue until it has been turned off with your custom PIN code, giving you some added peace of mind.

More Husqvarna Automower deals:

  • 415X Robot Mower: $1,399 (Reg. $2,000)
    • 0.4 acres on a single charge
    • added smart features like weather timing, GPS tracking, and more
  • 430XH Robot Mower: $1,749 (Reg. $2,500)
    • 0.8 acres on a single charge
    • added smart features like weather timing, GPS tracking, and more

Other Husqvarna lawn care deals:

razor MX650

For today only Razor’s 17 MPH black MX650 Dirt Rocket off-road e-bike is at $575 (Reg. $780)

With Black Friday on the horizon, and several Black Friday sales already beginning, there are some good opportunities currently to score major savings on EVs to upgrade your own and your children’s riding experience. Through its Deals of the Day, Best Buy is offering an affordable option in the Razor MX650 Dirt Rocket Electric Motocross Off-road Bike for $574.99 shipped. Normally this model would run you $780, but for the rest of the day, you can take advantage of the 26% markdown here and save $205 on your child’s next ride while it’s at the lowest price we have tracked for this colorway. We haven’t seen much by way of discounts on this model otherwise, with its yellow counterpart getting most of the attention normally, but currently sitting $84 above this one-day-only pricing, while it sits at full price direct from Razor.

Razor’s MX650 Dirt Rocket is a perfect model to introduce motocross to your smaller kids and teens. It offers better control for fun off-road joyrides and more stability with its dual suspension and rear-wheel drive design, sporting a 650W high-torque motor and 36V battery to drive the whole system. It maxes out at 17 MPH speeds and features variable speed controls, as well as adjustable handlebars to fit kids and teens’ growing sizes. You’ll also find dual disc brakes for reliable stopping power, pneumatic knobby tires for rough terrain challenges, and shatter-resistant plastic fairings that not only give it the supercross-inspired look but can also take a beating.

Best Black Friday e-bike deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Kia’s cheapest EV2 spotted testing and it looks like a mini Hyundai Santa Fe [Video]

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2 hours ago

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November 4, 2024

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Kia's cheapest EV2 spotted testing and it looks like a mini Hyundai Santa Fe [Video]

Kia's-cheapest-EV2

Kia is gearing up to launch its most affordable EV yet. Ahead of its official debut, Kia’s cheapest EV, the EV2, was spotted testing in Korea. With new design features revealed, the EV2 is shaping up to look like a mini Hyundai Santa Fe.

During its first annual EV Day last October, Kia unveiled its new lineup of affordable electric vehicles.

The event focused on providing an “EV for all” as part of a wide-ranging lineup. Kia’s compact electric SUV, the EV5, debuted, while two new concepts, the EV3 and EV4, were showcased.

Although no concept was shown, Kia’s CEO, Ho-Sung Song, told Autocar that the company’s cheapest EV is yet to come. Song confirmed that Kia plans to launch the EV2 in Europe in 2026, starting at around $28,000 (25,000 euros).

In its home market, EV2 prices could drop to as low as $15,000 (KRW 20 million). Ahead of its big day, Kia is testing the EV2 out in public.

We caught a glimpse of the new EV earlier this month after the first pictures of the EV2 surfaced online.

Kia's-cheaper-EV2-spotted
Kia's-cheaper-EV2-spotted

Kia’s cheapest EV is coming soon

Now, we are getting a closer look at the low-cost electric vehicle in a new video from HealerTV.

Starting at the front end, you can see the EV2 features Kia’s updated design, shown in the Selto. The divided headlight design, like the Telluride, is also shown.

Kia EV2 spotted testing (Source: HealerTV)

As the reporter notes, the EV2 appears to have “a strong boxcar feel,” similar to that of the Hyundai Santa Fe or Kia’s larger EV9.

The back side has an even more boxcar-like feel. With the top stretched to the rear, the EV2 “feels a bit like a box car from the future,” the reporter said.

Kia's-cheapest-EV2
2024 Kia EV9 GT-Line (Source: Kia)

Although the charging port is not shown, it’s expected to be on the passenger side, like Kia’s latest EV models.

Kia is expected to officially unveil the EV2 next year, with deliveries starting in 2026. The company targets starting prices around $28,000 (25,000 euros) in Europe. It will sit below the EV3, which starts at around $40,000 (36,000 euro).

Since Kia has not officially revealed the EV2, we don’t know what other markets it will launch. Meanwhile, with an expected US debut around the corner, Kia’s EV3 was caught driving on US streets this summer.

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