Rivian and Volkswagen form a $5.8 billion joint venture to develop advanced EV technology.

Rivian and Volkswagen have formed a $5.8 billion joint venture to develop next-generation electric vehicle technology. The partnership will focus on creating advanced electrical architecture and software, with teams based in Palo Alto, California, and additional sites. The joint venture aims to reduce development costs and accelerate technology scaling, supporting Rivian's R2 launch in 2026 and Volkswagen's first models in 2027. Volkswagen will invest up to $5.8 billion by 2027, with an initial $1 billion already invested.

November 12, 2024
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