Volkswagen to Invest $5.8 Billion in EV Startup Rivian Through Joint Venture

Dow Jones11-13 05:59

By Sabela Ojea

Volkswagen and electric-vehicle startup Rivian Automotive are partnering to create a joint venture with the aim of making electric cars more accessible.

The German automaker plans to invest up to $5.8 billion in Rivian and the joint venture by 2027, the companies said on Tuesday. Volkswagen has already made a $1 billion investment in Rivian in the form of a convertible note.

"The partnership with Rivian is the next logical step in our software strategy," Volkswagen's Chief Executive Oliver Blume said.

The teams will initially be based in Palo Alto, Calif., with three other sites in development in North America and Europe.

Overall, the companies said the joint venture targets Rivian's existing electrical architecture and software technology stack, enabling the launch of Rivian's R2 model in the first half of 2026 and support the expected launch of the first models from the Volkswagen Group as early as 2027.

The joint venture will be co-headed by Rivian's Wassym Bensaid and Volkswagen's Carsten Helbing.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 12, 2024 16:59 ET (21:59 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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