(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Minyoung] German automaker Volkswagen is set to invest 7 trillion won in the American electric vehicle company Rivian, once seen as a promising rival to Tesla.

Volkswagen announced on the 25th (local time) after the close of the New York Stock Exchange that it will invest 5 billion dollars (approximately 7 trillion won) in Rivian by 2026.

Initially, Volkswagen will invest 1 billion dollars in Rivian to secure a stake, followed by an additional 400 million dollars to establish a joint venture with Rivian.

Volkswagen and Rivian stated that the joint venture will be "jointly controlled and owned" and will focus on developing vehicles powered by "next-generation" batteries equipped with advanced software.

 

 

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