Thursday, June 27, 2024

VW To Invest $5 Billion in Rivian

Auto maker Volkswagen Group said this week that it will invest up to $5 billion in Irvine-based EV maker Rivian. According to the two, they are in a joint venture to create a "next generation software-defined vehicle" platform for both companies' future electric vehicles. The deal is split beteen an initial $1 billion investment in Rivian, and up to $4 billion in planned additional investments. As part of the deal, Volkswagen Group said it will use Rivian's existing electric architecture and software platform for its future vehicles.