Volkswagen and Rivian Team Up for Electric Vehicle Venture
German Automaker Invests $5 Billion in Electric Vehicle Startup
Joint Venture to Focus on Developing Electric Vehicle Software
Volkswagen and Rivian Automotive Inc. have announced a joint venture to create vehicle software. The two companies will each hold a 50% stake in the venture and will share control equally.
Volkswagen will invest up to $5 billion in Rivian, with an initial investment of $1 billion. The investment will be used to develop electric vehicle software and technology.
"This partnership is a major step forward for Volkswagen's electric vehicle strategy," said Herbert Diess, CEO of Volkswagen. "Rivian is a pioneer in the field of electric vehicles, and we are confident that together we can develop the next generation of electric vehicle technology."
"We are excited to partner with Volkswagen on this joint venture," said RJ Scaringe, CEO of Rivian. "Volkswagen is a global leader in the automotive industry, and we believe that together we can accelerate the transition to electric vehicles."
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