Rivian Automotive Stock News

Rivian leapt as Volkswagen will now up to $5.8 billion in their joint venture. VW aims to produce the first resulting vehicles in 2027.

Rivian Automotive Inc. and Volkswagen Group have launched their upsized joint venture, vowing to join forces to create “cutting edge” EV technology.

The EV company and VW agreed to a partnership in June that could provide Rivian with around $5 billion in capital in the coming years.

Rivian and Volkswagen Group launched on Tuesday the joint venture they had announced in June, valued at $5.8 billion, to share software and electric vehicle architecture.

The companies said the deal is now up to $5.8 billion – up from $5 billion – with the first VW models to use Rivian's software and electrical architecture arriving as early as 2027.

Rivian and Volkswagen Group have finalized a multi-billion-dollar joint venture to develop software, paving the way to let the German auto giant leverage the EV startup's more technical chops in the coming years. Volkswagen will invest up to $5.8 billion by 2027, about 16% more than when the deal was first announced in June.

The new agreement builds on an earlier announcement in which the German automaker said it would invest up to $5 billion in Rivian, a maker of electric vehicles. The new venture brings them closer.

IRVINE, Calif. & WOLFSBURG, Germany--(BUSINESS WIRE)--Rivian Automotive (NASDAQ: RIVN) and Volkswagen Group (XETRA: VOW / VOW3) entered into a transaction agreement to create their new joint venture (JV) – “Rivian and VW Group Technology, LLC”, known as Rivian and Volkswagen Group Technologies – with a total deal size of up to $5.8 billion, which is expected to start on November 13. Through thi...