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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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Putin hails army ‘heroes’ and warns off West in WW2 parade

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The annual Red Square military parade had a different feel this time, not just because of the spring snowstorm. While 9,000 people marched across the square, the numbers were lower compared to previous years before Russia’s invasion of Ukraine. There was less military hardware on display, with only one T-34 tank present.

References to Russia’s war in Ukraine were abundant, with soldiers who had been fighting there participating in the parade. President Putin emphasized this in his address, highlighting the ongoing “Special Military Operation” in Ukraine and praising the frontline soldiers as heroes.

Recent tensions with Western nations, including accusations from Russia and warnings from President Putin, added to the atmosphere. Putin issued a warning to the West, accompanied by nuclear sabre-rattling, stating Russia’s readiness to defend itself.

Victory Day in Russia has become a significant holiday, commemorating the Soviet defeat of Nazi Germany and the immense human cost of that victory. However, it’s also used to justify present actions, framing the war in Ukraine as a continuation of World War Two against enemies like Ukraine and the West.

The normalization of war in Russia is evident, as reflected in the unveiling of a war memorial outside Moscow, dedicated to soldiers who died in various conflicts, including Afghanistan, Chechnya, and Ukraine. An official’s speech at the unveiling conveyed the message that wars are part of human nature, marking a shift from the previous sentiment of “No more war” that was prevalent in post-World War Two Russia.

Picture Courtesy: Google/images are subject to copyright