VW invests $5Bn in Rivian EV

Volkswagen has revealed plans to invest up to $5bn (£3.9bn) in Tesla rival Rivian as the German car giant makes a last gasp attempt to revive its flagging electric vehicle strategy. 

The world’s biggest carmaker will hand Rivian, which develops so-called “electric adventure vehicles”, an initial $1bn. The pair will set up a joint venture that gives VW access to Rivian’s car technology and software and clears the way for a further $4bn investment by 2026.