Cairo-based Sylndr has raised $15.7 million as it expands beyond online used car sales into auto financing, servicing, and tools for dealers. Development Partners International’s Nclude Fund led the round. The company, which operates in Egypt’s fast-growing but under-digitized vehicle market, said the latest round includes both fresh equity and previously unannounced seed financing. Sylndr […]
Volkswagen unveiled the $22,500 ID Every1, its first car to include Rivian's technology, earlier this year.
Volkswagen
Rivian is teaming up with VW to make the German brand's cheapest-ever EV: the $22,500 ID Every1.
Its software boss told BI it's proof that cut-price electric cars don't need to be low-tech.
The race to build lower-cost EVs is heating up, with Slate Auto recently launching a $25,000 truck.
Rivian and Volkswagen are teaming up to build more affordable electric vehicles, but that doesn't mean they're planning to skimp on high-tech features.
VW and Rivian announced a deal last year for the German car giant invest over $5 billion in the startup and form a joint company to develop next-generation software and EV technology, with Bensaid and VW exec Carsten Helbing as co-CEOs.
In March, VW unveiled the ID Every1, a compact electric hatchback set to be the first VW vehicle to include software developed in the joint venture.
The 13-foot-long four-seater is set to go on sale in Europe by 2027 for about 20,000 euros, roughly $22,500. VW has not said whether it has any plans to bring it to the US.
"It's something which is extremely close to my heart because it's a way to bring that technology into many more cars," Bensaid told Business Insider.
"Inexpensive cars shouldn't have low technology, and this is the beauty of the setup that we're enabling through the joint venture," said the Rivian executive, who spoke with BI on the sidelines of the Financial Times' Future of the Car conference.
Bensaid said the lower-cost hatchback would leverage Rivian's software architecture to cut costs.
Rather than individual computers controlling components like seats, lights, and doors, all of ID Every1's features are set to be handled by a central computer built on Rivian's technology, which Bensaid said would save VW money because it uses fewer parts and simplifies the design.
The ID Every1 will not be the first vehicle to use technology developed by the Rivian-VW joint venture — that's Rivian's R2, which is set to launch next year — but it's a huge step for both companies.
It's not the only one making that bet. The startup Slate Auto caused a stir last month when it unveiled a $25,000 pickup truck, which is set to go on sale in the US in 2026.
The Slate truck has bucked the trend of vehicles becoming more computerized and packed with smart technology.
So far, consumers haven't seemed that bothered by the lack of bells and whistles, with the Jeff Bezos-backed startup receiving 100,000 refundable $50 reservations in just two weeks.
When asked about Slate's approach, Bensaid said Rivian welcomes more competition in the EV market but had made a "different choice" in how it approaches making electric cars more affordable.
"Inexpensive cars shouldn't be cars with limited features," he said, adding that Rivian believed it was possible to deliver a "rich user experience" at a low price point by making vehicle technology more efficient.
"That is our approach," Bensaid said. "We would like to enable choice for customers but without such severe compromise in terms of the overall experience."
This startup has agreements worth billions of dollars with major automakers and EV battery manufacturers, including VW, Toyota, GM, and Panasonic. So when I sat down with Redwood Chief Commercial Officer Cal Lankton, I asked for his outlook on EV sales.
Lankton, though, was unequivocal during our interview:
"We've been very fortunate to have a strong set of partners — to be very tied into their demand plans and how they see the market evolving — and we have not seen softening," he said.
"In fact, EV demand is continuing to increase. 2024 was the largest year of EV shipments on record in North America, and I think 2025 will be even larger," Lankton added.
Concerns about a potential slowdown in EV adoption have been overblown and driven by "some in OEMs in particular," Lankton explained, without naming names. OEM refers to "original equipment manufacturer," or companies that design and make their own cars.
"But the consumer is looking at EVsas compelling options," he said. "OEMs in North America are offering more and more compelling options and we feel very bullish about the long-term growth of electric vehicles."
It's fair to take Lankton's view with a pinch of salt. Redwood Materials is relying on EV demand staying strong to support its ambitious business plans.
However, the data also supports his view. According to Cox Automotive's Q1 2025 report, the US EV market continues to grow. And while certain brands have lost ground, others are leaning into long-term demand with confidence.
EV unit sales in the US
Cox Automotive estimates
In the first quarter, almost 300,00 EVs were sold in the US, up 11% from a year earlier, Cox estimated.
While Tesla saw a decline, legacy auto brands such as Chevrolet, VW, Toyota, and Honda saw massive growth, year over year. Porsche was a real standout. It sold more than 4,000 EVs in Q1, up 250% from a year earlier. Taycans aren't cheap either!
"Despite many obstacles — and what you may read elsewhere — electric-vehicle sales continue to grow at a healthy pace in the US," Cox wrote in its latest report.
"We believe the price impacts from this head-scratching tariff slate could result in demand destruction of 15%-20% in 2025 for new auto purchases alone based on our estimates," Wedbush Securities analyst Dan Ives wrote in a note on Sunday.
"The tariffs are a debacle of epic proportions for the auto industry and US consumers as the concept of a US-made car with all US parts is a fairy tale fictional narrative."
Nissan fell 9.3% and Toyota dropped 5.9% in Tokyo, while in Frankfurt Volkswagen dipped 4.6% in afternoon trading and Stellantis fell almost 6% in Milan. Stock in the Jeep and Citroën owner has sunk by more than a third this year.
The Wrangler is part of Jeep's model range.
Stellantis
The 25% levy on imported vehicles, which went into effect last week, is already sending shockwaves through the industry.
Nissan announced on Thursday that it would stop taking US orders for two Infiniti SUVs, which are made in Mexico, while Volkswagen said it would add an "import fee" to the prices of vehicles hit by the tariffs.
Jeep and RAM owner Stellantis confirmed on Thursday it had paused production at two factories in Mexico and Canada and furloughed 900 workers at factories in Michigan and Indiana as it navigates the tariff turmoil.
Some automakers are attempting to take advantage of the chaos. Ford announced last week it would extend employee pricing to all customers in an attempt to drive sales, while Stellantis followed suit on Friday.
Analysts and automakers have warned that the tariffs will hike already-high new car prices and erase profits, with S&P Global estimating more than 20% of new light vehicles sold in the US are built in Mexico and Canada.
Some manufacturers may fare better than others.
In a Sunday note, Stifel analyst Stephen Gengaro said that Tesla, Rivian, and Lucid are "well positioned" thanks to their US-based supply chains, adding that Tesla could even benefit if rivals of Elon Musk's company choose to raise prices because of tariffs.
However, Tesla was "obviously not immune to slower economic growth and a weaker consumer," Gengaro wrote.
