VW will invest $5 billion in Rivian as part of new joint venture

Claudio Ctin3 months ago1 mins

Volkswagen is investing $5 billion in Rivian as part of a new joint venture that will give the German auto giant access to the buzzy California EV company’s software and EV platform.

The new venture was announced in a post from Rivian CEO RJ Scaringe, who noted the investment will help the company bring its next generation R2 electric vehicle to market starting in 2026.

This is exciting! Volkswagen Group CEO Oliver Blume and I are thrilled to announce the formation of a joint venture between our two companies. This partnership brings Rivian’s software and zonal electronics platform to a broader market through Volkswagen Group’s global reach and… pic.twitter.com/11XVNUo89J

— RJ Scaringe (@RJScaringe) June 25, 2024

Scaringe said the…

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