VW and Rivian officially kick off $5.8 billion joint venture, announce leadership
by Andrew J. Hawkins from The Verge - All Posts on (#6S5SY)
Image: Rivian Volkswagen and Rivian have crossed all their T's and dotted all their I's in their new $5.8 billion joint venture, which officially kicks off its work on November 13th, the companies announced today.
Last June, VW said it would invest $5 billion in Rivian as part of a new joint venture that's focused on developing a new electrical architecture and vehicle software for future models, including subcompact cars, with the first planned for 2027. Now that investment has grown to $5.8 billion.
Rivian and VW Group Technology, LLC"
The new joint venture, dryly named Rivian and VW Group Technology, LLC," will be led by Rivian software chief Wassym Bensaid and VW Group chief technology engineer Carsten Helbing. Teams will be based in Palo...