Volkswagen and Rivian said Tuesday they will create a joint venture together, with the electric vehicle (EV) startup expected to receive up to $5 billion from the German automaker.
German automaker Volkswagen will invest up to $5 billion in electric vehicle startup Rivian, the companies said on Tuesday. The two companies said they are seeking to develop "next-generation electric architecture and best-in-class software technology" for EVs through a planned joint venture. Volkswagen and Rivian said they ultimately intend to incorporate the technology from the joint venture into new vehicles that the companies plan to put out "in the second half of the decade.
Rivian’s current lineup includes the R1T pickup and R1S SUV, with R2 and R3 platforms in the pipeline. The startup has been working on trimming costs through various measures and boosting its capital as it seeks to bring the new platforms to market. Volkswagen Group CEO Oliver Blume, meanwhile, said it will be "strengthening our technology profile and our competitiveness" through the joint venture.
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