Volkswagen is investing $1 billion in Rivian as part of a new joint venture that will give the German auto giant access to the buzzy California EV company’s software and EV platform. Rivian will receive an additional $4 billion over time, for a total sum of $5 billion.
The joint venture will be co-owned by Rivian and VW Group, which oversees brands like Audi, Porsche, Lamborghini, and its flagship Volkswagen. The two companies will introduce vehicles developed from the joint venture in the “second half of the decade,” they announced.
The new venture was announced in a post from Rivian CEO RJ Scaringe, who noted the investment will help the company bring its next generation R2 electric vehicle to market starting in 2026. The R2 is…