Volkswagen to invest up to $5 billion in EV maker Rivian as part of tech joint venture

06/25/2024

Less than a minute

2024.06.25 16:27

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

Shares in Rivian jumped 22% in after-hours trading.

© Reuters. FILE PHOTO: A Volkswagen logo is seen on a Volkswagen ID.5 electric car on display at a showroom of a car dealer in Reze near Nantes, France, November 13, 2023. REUTERS/Stephane Mahe/File Photo

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.

While EV startups have been grappling with a slowdown in demand amid high interest rates and dwindling cash, traditional automakers have struggled to build battery-powered vehicles and advanced software.

06/25/2024

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