VW to invest up to $5 billion in Rivian in an EV tech joint venture

SAN FRANCISCO — Volkswagen Group will invest up to $5 billion in U.S. electric-vehicle maker Rivian as part of a new, equally controlled joint venture to share EV architecture and software, the companies said on Tuesday.

In its announcement, Rivian said that both it and VW aim to launch vehicles "benefiting" from the JV before 2030, however both companies will continue their production operations separately. More immediately, VW will be able to utilize Rivian’s existing electrical and software platforms.

“We’re very excited to be partnering with Volkswagen Group," Rivian President RJ Scaringe said in an emailed statement. "Since the earliest days of Rivian, we have been focused on developing highly differentiated technology, and it’s exciting that one of the world’s largest and most respected automotive companies has recognized this."

"Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group’s global reach," Scaringe said, "but this partnership also is expected to help secure our capital needs for substantial growth. Rivian was created to help the world to transition away from fossil fuels through compelling products and services, and this partnership is beautifully aligned with that mission."