VW to invest $5bn in Tesla rival Rivian, UK carmakers demand EV support


German car-making giant Volkswagen (VW)
says it will invest up to $5bn (£3.94bn) in Tesla rival Rivian. The deal creates a joint venture that will allow VW and the US-based electric vehicle (EV) maker to share technology. Rivian shares jumped by almost 50% after the announcement. The tie-up comes as competition intensifies between EV makers and Western countries move to impose tariffs on Chinese imports. Under the agreement, VW said it will initially invest $1bn in the electric truck and SUV maker, with another $4bn to be put into the company by 2026. BBC

Bill Gates has said artificial intelligence (AI) will accelerate innovation and make it easier to combat climate change – but also warned it must be “used by people with good intent”. The philanthropist and Microsoft co-founder made the comments during an interview with Sky News at the Breakthrough Energy Summit in London. Gates told The World With Yalda Hakim that AI had so far “played a fairly modest role” in helping to combat climate change, but was going to make innovation “far easier to do”.  Sky News 

Car makers have demanded support for the automotive industry just days after the manufacturing giant behind Vauxhall threatened to mothball its British factories. With the general election looming, the Society of Motor Manufacturers and Traders (SMMT) urged the next Government to “back British manufacturing” with a combination of tax cuts and regulatory changes to reinvigorate consumer adoption of electric vehicles. Telegraph 

Ford has released the first preview image of its upcoming electric coupé-SUV, which is strongly tipped to revive the Capri name, as part of a new guerilla marketing campaign. An advert placed in several print publications for a business called ‘Comeback Cars’ calls for readers to text the phrase ‘COMEBACK’ to it via WhatsApp. This begins an automated conversation that provides one of two preview images of the new car – the headlight or the rear light. Autocar

Late last year Apple gave users in the US access to a very important tool for self repair, the Self Service Repair Diagnostics software. Now this software is expanding to 32 European countries (and it’s coming to Canada sometime soon). This software will help you diagnose and troubleshoot faulty or broken components on one product while running on a second Apple device. It will guide you through the process with on-screen prompts. When it’s done, you will know if there is anything actually broken and what parts you need to order to repair the device. GSM Arena

Shares of Amazon are catching a bid today, rising 3.1% to an all time high. The climb above $192 along with 10.406 billion shares outstanding puts the company above a $2 trillion market cap for the first time. That’s against earnings guidance of $10-14 billion in the current quarter and consensus earnings of $5.74 next year. That puts the forward P/E at about 33.5x, which isn’t crazy in a world that’s AI-obsessed. ForexLive

If you’re waiting to see the Pixel 9Pixel Watch 3, or other new Google hardware, then August 13th could be a big day for you because look what just hit our inboxes:

You’re invited to an in-person Made by Google event where we’ll showcase the best of Google AI, Android software and the Pixel portfolio of devices.

And this teaser posted by Google titled “AI… meet IX at Made by Google” makes the event’s purpose even clearer. TheVerge


Chris Price
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