Rivian partners with Volkswagen to tackle challenges in the electric vehicle market

Rivian Automotive, an electric vehicle maker, is facing challenges as the EV market slows. Despite selling over 50,000 vehicles last year, its stock has dropped about 50% this year, and it reported a $1.1 billion loss in the third quarter. A recent $5.8 billion joint venture with Volkswagen Group aims to help Rivian develop more affordable vehicles. The company plans to launch the R2, a smaller SUV starting at $45,000, in 2026, while expanding its factory in Illinois. Rivian is also working to cut costs and improve vehicle pricing. The company has reduced its workforce by 10% and is focusing on new models that use fewer parts. Rivian's future hinges on its ability to compete with lower-priced rivals like Tesla.