Rivian Automotive and Volkswagen Group (VLKAF) announce plans for joint venture to create industry-leading vehicle software technology and for strategic investment by Volkswagen
- Rivian and Volkswagen Group (VLKAF) intend to enter a joint venture to create next generation software-defined vehicle (SDV) platforms to be used in both companies' future electric vehicles.
- Volkswagen Group to invest an initial $1 billion in Rivian, with up to $4 billion in planned additional investment for a total expected deal size of $5 billion.
- Joint venture is expected to build on Rivian's industry-leading software and electrical architecture to create best-in-class software-defined vehicle technology platform.