Major car brand invests BILLIONS into EV maker in bid to rival Tesla – as firm strengthens links in Europe & Asia [Video]

A MAJOR car brand is investing billions into an EV maker as it looks to take on Tesla.

The electric vehicle start-up Rivian will have £3.95billion ($5bn) pumped into it after striking the deal.

Volkswagen is to invest billions in struggling electric vehicle start-up RivianCredit: Getty

Rivian is seen as a rival to Tesla, the market leader in the EV marketCredit: AP

A Rivian R1T comes packed with heaps of tech (stock image)Credit: AP

The money will be coming from the German manufacturer Volkswagen with the companies sharing EV software and platforms.

EV start-ups have faced issues over a slowdown in demand as well as high interest rates and a lack of cash.

Meanwhile, the established car manufacturers have struggled to build EVs as well as advanced software.

The US EV maker Fisker filed for bankruptcy protection last week and earlier this year the UK arm of electric van producer Arrival went into …