Welcome back to TechCrunch Mobility, your go-to source for all things transportation-related. Today, we have some exciting news to share about a recent joint venture between Rivian and Volkswagen Group. The deal, which has now been finalized, will see Volkswagen investing up to $5.8 billion in Rivian, with $1 billion already delivered through a convertible note.
This partnership will result in the creation of an independent company, co-led by Rivian’s head of software, Wassym Bensaid, and Volkswagen Group’s chief technical engineer, Carsten Helbing. The team will be based in Palo Alto, California, with plans to establish three additional sites in North America and Europe.
One of the key questions surrounding this deal is the future of VW’s struggling software arm, Cariad. VW Group CEO Oliver Blume has stated that Cariad will continue to play a central role, but only time will tell how this partnership will impact the software division.
Meanwhile, Rivian has been facing challenges with suppliers, leading to production delays and a decrease in revenue. Despite reporting $874 million in revenue in Q3, a 34% drop from the previous year, the gap between production and deliveries indicates potential demand issues.
In addition to the Rivian-Volkswagen deal, there have been several other noteworthy developments in the transportation industry. Just Eat Takeaway has sold its U.S. business Grubhub for $650 million, a significant decrease from the acquisition price four years ago. Silicon Valley battery startup Lyten has acquired manufacturing assets from Northvolt, while NASA has awarded research grants to companies working on sustainable aircraft concepts.
Furthermore, Vatn Systems, a company developing underwater autonomous vessels, raised $13 million in funding, and Vecna Robotics, a warehouse robotics startup, secured $14.5 million in funding. Additionally, there have been updates from companies like Monarch Tractor, Yelp, Waymo, and Lucid, each making strides in their respective fields.
As we continue to witness advancements in electric vehicles, charging infrastructure, and battery technology, it’s clear that the future of transportation is rapidly evolving. Stay tuned for more updates on the latest developments in the mobility sector.
And that’s it for this week’s edition of “This Week’s Wheels,” where we explore the latest transportation products and technologies. We hope you enjoyed this recap of the recent news and stay tuned for more exciting updates in the world of mobility.
