German Regulator Okays VW-Rivian Joint Venture

Germany's Volkswagen and US electric car maker Rivian Automotive may form a joint venture, the German competition authority said, Friedrike Heine reported for Reuters.

The VW deal is a much-needed lifeline for Rivian, which has struggled to the point of seeing its stock value hit all-time lows this year. I Photo: Rivian Facebook

There are "no serious competition problems to be feared," Andreas Mundt, head of the Bundeskartellamt, said in a statement. The permission comes at a time when major carmakers are rethinking their electric vehicle (EV) plans as demand softened and more hybrid models have been introduced.

Electric cars have been around for more than 100 years and comprised 30% of US cars until gasoline-fed cars became cheaper to produce.