Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion. The additional $4 billion is expected to be invested following the establishment of a joint venture.
Rivian is up about 50% afterhours.
The Rivian and Volkswagen Group joint venture will create vehicle software. Volkswagen is expected to use Rivian’s electrical architecture and software stack for vehicles beginning the second half of the decade, according to Scaringe. He said the joint venture does not include anything with battery technologies, vehicle propulsion platforms, high voltage systems or autonomy and electrical hardware.
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