Volkswagen and Rivian Launch $5.8 Billion Joint Venture
Originally Published 1 year ago — by TechCrunch
Rivian and Volkswagen Group have finalized a joint venture to develop EV software, with VW investing up to $5.8 billion by 2027. The partnership, named Rivian and Volkswagen Group Technologies, will launch on November 13 and aims to leverage Rivian's software expertise to enhance VW's EV capabilities. The venture will be a 50-50 partnership with co-CEOs from both companies, and it will initially be based in Palo Alto, California. This collaboration is expected to reduce development costs and accelerate the deployment of new technologies for both automakers.