Business
Irvine-based Rivian got a big boost: Volkswagen agreed to invest up to $5 billion in a joint venture with the struggling maker of electric trucks.
Volkswagen’s fuel leak recall covers certain Audi A3s and VW Golfs and GTIs from the 2015 through 2020 model years. Also included are 2015 through 2019 Golf Sportwagens and 2019 and 2020 VW Jettas.
The maker of electric vehicles and trucks has faced numerous challenges as the EV market has cooled, but its CEO is optimistic about Rivian’s future thanks to a joint venture with Volkswagen Group.
Volkswagen is preparing an initial public offering of Porsche, seeking a listing of its most profitable asset to help boost the parent’s valuation and fund the push into electric vehicles.
The Irvine maker of electric pickup trucks and sport utility vehicles reported lower-than-expected revenue in the third quarter.
California
Los Angeles County sheriff’s deputies found two men shot outside a VFW hall in La Mirada. Eric Ortiz, 34, was killed. Juan Garcia, a member of the Mexican Mafia called “Topo,†was seriously injured, according to a law enforcement source.
Electric vehicle maker Rivian cut its production targets this week amid an ongoing supply shortage, causing its stock to drop more than 3% on Friday.
The Orange County Board of Supervisors approved the reward money for three tipsters who provided key information that led to the suspects’ arrest in 2021.
Irvine electric-vehicle maker Rivian has conditional approval for a $6.6-billion loan to fund the construction of a new plant in Georgia.
Climate & Environment
COBB Tuning produced and sold aftermarket accessories at several retail stores, including a former location in Fountain Valley.