Volkswagen Stock: Rivian Joint Venture Brings 308 Million - Börse Express
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Today, US electric car manufacturer Rivian presented concrete figures on its cooperation with Volkswagen as part of its second-quarter report. The joint venture between the two companies already contributed 308 million US dollars to the US partner's revenue in the past quarter. This corresponds to almost 20 percent of Rivian's total quarterly revenues and underscores the operational implementation of the software partnership, which was only concretized a few months ago. The operational confirmation of the alliance comes at a time when the Volkswagen Group is struggling with significant earnings declines in its core business. According to figures published on July 24, the Group's net profit after tax fell by 32.9 percent to 1.54 billion Euro in the second quarter. For the entire first half of the year, profit amounted to 3.1 billion Euro, which corresponds to a decline of 30 percent compared to the same period last year. Despite stable sales revenues of 158.1 billion Euro in the first half of the year, cost pressure remains high. The development in the core market China is particularly concerning, as deliveries there recently fell by 31.6 percent. In contrast, the business with fully electric vehicles (BEV) in Europe offers a different picture. Here, Volkswagen reported an increase in order backlog of more than 50 percent. For the full year, management is sticking to its...
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