Hardware

Volkswagen increases investment in Rivian joint venture

Volkswagen has increased its investment in a joint venture with electric vehicle maker Rivian to up to $5.8 billion, up from the initially announced investment of $5 billion.

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November 13, 2024

Volkswagen has increased its investment in a joint venture with electric vehicle maker Rivian to up to $5.8 billion, up from the initially announced investment of $5 billion, according to a joint press release from the auto makers.

The JV's official designation is "Rivian and VW Group Technology, LLC", also known as Rivian and Volkswagen Group Technologies, with an expected start date of November 13.

The partnership aims to develop electrical architecture and software for electric vehicles.

The JV will begin by integrating Rivian software with Volkswagen-brand vehicles, according to CNBC, before proceeding to Audi and Scout (a yet-to-be-released auto brand under the VW umbrella).

"The partnership with Rivian is the next logical step in our software strategy," Oliver Blume, CEO at Volkswagen Group, said in the release. "With its implementation, we will strengthen our global competitive and technological position. Today's launch of the joint venture demonstrates the potential we want to leverage together in the coming years. We have a clear plan to offer our customers the best products and digital experiences at attractive prices through state-of-the-art development processes, innovative technological approaches, and a competitive cost base driven by synergies."

"Today's finalization of our joint venture with Volkswagen Group marks an important step forward in helping transition the world to electric vehicles," R.J. Scaringe, founder and CEO at Rivian, said in the release. "We're thrilled to see our technology being integrated in vehicles outside of Rivian, and we're excited for the future. Rivian will continue to stay focused on creating best in class products and services that benefit our customers, helping to drive EV adoption."