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VW to invest up to $5bn in Tesla rival Rivian

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Volkswagen (VW), the German automotive giant, has announced an investment of up to $5 billion (£3.94 billion) in Rivian, a competitor to Tesla. This partnership forms a joint venture allowing both VW and the US-based electric vehicle (EV) manufacturer to share technology. Following the announcement, Rivian’s stock surged nearly 50%.

The collaboration comes amid increasing competition among EV manufacturers and the imposition of tariffs on Chinese imports by Western nations. VW will start with an initial $1 billion investment in Rivian, with an additional $4 billion planned by 2026.

Founded in 2009, Rivian has yet to achieve a quarterly profit, reporting a net loss of over $1.4 billion in the first quarter of 2024. VW, facing pressure from competitors like Tesla and China’s BYD, is working to transition from fossil fuel-powered vehicles to EVs.

The partnership provides VW with immediate access to Rivian’s software, which it can integrate into its vehicles. The deal also comes as Chinese EV manufacturers expand globally, increasing competition. The European Union (EU) recently announced plans to raise tariffs on Chinese EV imports by up to 38%, following an investigation that found Chinese EV companies had been unfairly subsidized. China criticized these tariffs as violating international trade rules and labeled the investigation as protectionist.

The tariff increase by the EU follows the United States’ decision to raise import duties on Chinese EVs from 25% to 100%. Canada is also considering similar measures to align with its allies.

Separately, Tesla announced a recall of over 11,000 Cybertrucks sold in the US due to issues with windscreen wipers and exterior trim. The Cybertrucks were first released at the end of November last year.

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Itzulia Basque Country: Jonas Vingegaard suffers broken collarbone and ribs in crash

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The Itzulia Basque Country stage race witnessed a significant setback as a high-speed crash on a descent led to severe injuries for several top cyclists, including the reigning Tour de France champion Jonas Vingegaard, race leader Primoz Roglic, and Remco Evenepoel. Vingegaard, aged 27, suffered a broken collarbone and multiple ribs, requiring medical attention.

Similarly, Roglic and Evenepoel sustained injuries significant enough to force them out of the race. Additionally, Jay Vine of UAE Team Emirates suffered fractures in his cervical and two thoracic spine vertebral bodies, highlighting the severity of the incident.

The aftermath of the crash prompted race officials to take action. With safety concerns prevailing, the remaining 35 kilometers of Thursday’s fourth stage were neutralized. Only a select few from the front group contested for the stage win, with Louis Meintjes ultimately clinching victory.

Despite the competitive spirit, the prevailing sentiment was one of concern and acknowledgment that winning under such circumstances was not the ideal scenario. Meintjes and his team, Intermarche-Wanty, expressed their thoughts and solidarity with the injured riders, emphasizing the paramount importance of the safety and well-being of all participants.

In terms of race logistics, the crash had significant implications for the general classification. Stage organizers announced that the times from the affected stage would not be factored into the overall standings, recognizing the extraordinary circumstances. As a result, the previous standings, where Roglic held a seven-second lead over Evenepoel, were nullified.

The race dynamics shifted, and Danish rider Mattias Skjelmose of Lidl-Trek now finds himself leading the overall standings by a margin of four seconds heading into the fifth stage of the six-stage race. The crash not only altered the competitive landscape but also underscored the inherent risks and challenges faced by cyclists in professional racing.

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Europe to develop commercial space capsule

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The European Space Agency (ESA) is introducing a new competition to develop a robotic capsule for transporting cargo to and from the International Space Station, with the maiden voyage planned for 2028. This marks a significant departure from ESA’s conventional project management approach. The winning company will receive some financial support and technical assistance from ESA but must operate the capsule commercially. It will be responsible for partially funding the development and providing the re-supply service to ESA, which will act as the primary customer.

If successful, the company may be tasked with upgrading the capsule to transport ESA astronauts, and potentially, it could be adapted for missions to other destinations such as the Moon. A dedicated team within ESA has been allocated an initial budget of €75m to initiate the competition.

The concept was well received by ESA member states at a summit in Seville, Spain. This procurement model emulates the successful strategy employed by NASA, which transitioned to outsourcing space vehicle services to private companies, leading to the emergence of SpaceX. ESA hopes to replicate NASA’s access to faster, more innovative, and cost-effective space technologies.

Anna Christmann, a leading aerospace policy figure in the German government, emphasized the shift in ESA’s approach, stating that while public funding initiates such competitions, it attracts private investment. ESA member states have also committed to adopting this approach for long-term rocket procurement, as current European launchers are facing significant challenges.

The Seville summit also highlighted the role of satellites in aiding European nations’ net-zero goals, including using space data to optimize air travel routes and reduce greenhouse gas emissions. Additionally, ESA introduced the Zero Debris Charter to promote responsible practices in space operations. The UK is championing a new regulatory framework to incentivize responsible behavior and create a market for orbital debris removal services.

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