Electric auto manufacturers Rivian denies the rumors and says there are no plans to expand the cooperation relationship with Volkswagen in auto production.
According to the financial app Zhìtōng Cáijīng, electric auto manufacturer Rivian (RIVN.US) denies rumors and states that there are no plans to expand cooperation with Volkswagen (VWAGY.US) in auto production.
Earlier reports had suggested that the two companies were considering joint production of a more affordable and smaller R2 SUV at Volkswagen's new factory in South Carolina.
In response, a Rivian spokesperson said in an email statement that the report was not true, and the joint venture will focus on software and architecture, not auto production.
He added: 'We have publicly stated that we will start production of the R2 at our factory in Normal, Illinois, in 2026, and this plan has not changed for the R2 model to be produced in the planned factory in Georgia.'
Since Rivian and Volkswagen reached a $5 billion trade deal sharing their electric architecture and software, Rivian's stock has risen more than 25%.
In the second quarter, Rivian produced 9,612 cars at its factory in Normal, Illinois, and reiterated its fiscal year target of producing 57,000 cars for the year.