Volkswagen Group has announced plans to invest up to $5 billion USD in Rivian, starting with an initial investment of $1 billion USD. The additional $4 billion USD will be invested over time.
According to reports, this investment will help create a joint venture between Volkswagen and Rivian to develop software technology and electrical architecture for vehicles.
The report further mentions that the joint venture will be a 50-50 partnership between the two companies and will help Volkswagen advance its software technology. Rivian shares increased by almost 40% after the announcement.
