Volkswagen is investing $1 billion in Rivian as part of a new joint venture that will give the German auto giant access to the buzzy California EV company’s software and EV platform. An additional $4 billion could be invested in Rivian, for a total sum of $5 billion.
The new venture was announced in a post from Rivian CEO RJ Scaringe, who noted the investment will help the company bring its next generation R2 electric vehicle to market starting in 2026. The R2 is expected to be a more affordable $45,000 model than its current luxury-priced EVs, the R1T and R1S.
This is exciting! Volkswagen Group CEO Oliver Blume and I are thrilled to announce the formation of a joint venture between our two companies. This partnership brings Rivian’s…
