Volkswagen to invest up to $5B in Rivian for tech joint venture on EVs
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Volkswagen to Invest $5 Billion in Rivian for EV Joint Venture
Volkswagen Group will invest up to $5 billion in Rivian, a U.S. electric vehicle manufacturer, under a newly formed partnership. This joint venture aims to equally share the responsibilities of developing EV architecture and software.
This collaboration is set to accelerate Volkswagen's efforts in producing software-defined vehicles (SDVs). Rivian will contribute by licensing its existing intellectual property to the joint venture, ensuring that the initiative benefits from both companies' strengths.
While electric vehicle startups have been facing a decline in demand, driven by high interest rates and reduced funding, established automakers have encountered their own difficulties in producing battery-powered vehicles and state-of-the-art software.
