VW will invest $5 billion in Rivian as part of new joint venture

Volkswagen is investing $5 cardinal successful Rivian arsenic portion of a caller associated task that volition springiness the German car elephantine entree to the buzzy California EV company’s bundle and EV platform.

The caller task was announced successful a station from Rivian CEO RJ Scaringe, who noted the concern volition assistance the institution bring its adjacent procreation R2 electrical conveyance to marketplace starting successful 2026.

Scaringe said the concern volition bring Rivian’s caller zonal architecture, disposable present done its refreshed second-generation R1 vehicles, arsenic good arsenic its software, to a “broader market.”

The wealth volition nary uncertainty travel successful handy, too. Like different EV-only companies, Rivian has been struggling done a play of cooling request astir electrical vehicles. The company’s income are up, but its losses are increasing. And Rivian has gone done respective rounds of layoffs arsenic it seeks to rightsize its finances.

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