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Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower in Tuesday’s after-hours session following reports the company has no plans to produce vehicles with Volkswagen under the recently announced joint venture.
What To Know: According to Benzinga Pro headlines citing Reuters, Rivian and Volkswagen do not plan to partner on hardware or produce vehicles together as part of the planned joint venture announced last week.
The news follows German media reports suggesting that the two companies were in talks to expand their software partnership to hardware and joint production. Sources familiar with the matter reportedly said the two companies were discussing potential production of the R2 platform at Volkswagen’s planned plant in South Carolina.
Rivian has shut down the reports, stating there are no changes to its R2 production plans. The company still intends to build the R2 platform vehicles at its plant in Normal, Illinois, and will ramp up its Georgia plant from there.
Rivian and Volkswagen announced last Tuesday that the automakers would enter into a joint venture to create next-generation software-defined vehicle platforms to be used in both companies' future electric vehicles. Volkswagen will initially invest $1 billion and is expected to invest an additional $4 billion over time as part of the transaction.
RIVN Price Action: Rivian shares were down 1.48% at $14.67 after hours after rallying nearly 7% in Tuesday’s regular session, according to Benzinga Pro.
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Photo: Courtesy of Rivian.
Posted In: RIVN
