Volkswagen and Rivian Forge $5 Billion Alliance for Next-Gen EV Software

Benzinga
Benzinga
  • 2 days ago
Volkswagen announced a potential $5 billion partnership with electric vehicle startup Rivian to develop software for their EVs. The partnership will involve a joint venture to develop "next-generation software-defined vehicle platforms" using Rivian's technology as the base. Both companies will use this software in future EVs. Rivian says the investment will provide the capital needed to scale production and launch its planned EV factory in Georgia, which was recently put on hold. VW's investment includes convertible notes, equity stakes, and funding for the joint software venture totaling, dependent on Rivian hitting technical milestones.
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