VW To Invest Up To $5 Billion In EV Maker Rivian

Volkswagen today announced it 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. Shares surged 40% in extended Nasdaq trading after the announcement. Reuters reports: The investment will provide Rivian - known for its flagship R1S SUVs and R1T pickups - the funding it needs to develop its less-expensive and smaller R2 SUVs that are set to roll out in 2026, CEO RJ Scaringe told Reuters. Volkswagen will initially invest $1 billion in Rivian and a further $4 billion in investments later, the companies said. The partnership will help Volkswagen accelerate its plans to develop software-defined vehicles (SDV), with Rivian licensing its existing intellectual property rights to the joint venture.

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