Rivian: VW waves EV wand

Imagine for a moment that you’re a Californian EV manufacturer expecting to lose about $3bn this year, and that despite having raised $13.5bn in an IPO in November 2021, it looks like the piggy bank will be empty some time in 2025. With a share price down over 90% from its peak, it’s all looking a bit goodnight Vienna unless a substantial fairy godmother does a bit of wand waving, and this is precisely the role that Volkswagen (VW) played for Rivian, announcing an investment of up to $5bn by 2026. ..

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