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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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Europe risks dying and faces big decisions – Macron

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In a significant speech at Sorbonne University, French President Emmanuel Macron issued a stark warning to Europe, stating that the continent must shed its self-imposed naivety or risk its demise. Macron emphasized the urgent need for Europe to adapt to a rapidly changing global landscape, highlighting challenges such as Russian hostility, diminishing US interest, and Chinese competition that could marginalize the EU.

Macron urged European leaders to make decisive moves toward bolstering defense and the economy, advocating for increased protectionism and the development of an independent defense capability. He stressed the importance of Europe asserting itself in international trade, particularly as major players like China and the US disregard established norms.

Addressing concerns over Russia’s actions, Macron defended his stance of strategic ambiguity regarding potential military involvement in Ukraine, emphasizing the need for Europe to assert its independence from the US and reject a bipolar world order.

Macron also warned against Europe’s internal demoralization, urging a reconnection with the values that distinguish the continent. He highlighted the dangers of online disinformation and advocated for stricter regulations, including imposing a minimum age for social media access.

While Macron’s speech aimed to position France at the forefront of European leadership and boost his party’s electoral prospects, it also underscored concerns about the party’s dependence on Macron’s leadership.

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Germany, France forget differences to shield them from the increasing tide of modern populism

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From Italy and Spain to the Brexit-affected UK, many European countries have already succumbed to the destructive wave of populism. The economic principle of protectionism, which has come as a part and parcel of the political ideology of modern populism, has clandestinely infiltrated into the economic structure of the populism-affected countries, weakening their present economic structure rooted in the economic principle of liberalism.

Definitely, the European Union is worried about this development. It has almost lost one of its arms to this development. It may not sustain another loss.

It is in this backdrop that Germany and France have come together to act. The role they play is the role of a defender, the defender of an economic structure which once gifted life breadth to the embattled European continent.

The latest agreement both has signed means that henceforth Germany and France will not think differently in their internal and external security, economic and political affairs.

Their decision to develop a European army is capable to irritate many, especially the United States and the United Kingdom. To them, the more irritating one will not be the agreement for economic corporation, political corporation and/or defence corporate, but the understanding for cultural corporation.

It is noteworthy that the measures for the increased cultural corporation has been doubled by Germans and France at the time many of their friends are researching on how to segregate people on the basis of culture.

The developments indicate that the France-Germany agreement attempts to launch attacks on the concepts of protectionism and populism from all the four fronts –political, economic, security and cultural- on which these dangerous concepts are pivoted.

Will the new European defenders of liberalism win? How better they execute their plan decides what answer the aforesaid question deserves.

Vignesh. S. G
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