Volkswagen Group to invest up to $5 billion in Rivian. New venture to create software-defined vehicle (SDV) platforms for both companies’ future EVs.
Rivian Automotive (NASDAQ: RIVN) and Volkswagen Group (XETRA: VOW / VWO3) announced their intention to form an equally controlled and owned joint venture (JV) to create next-generation electrical architecture and software technology.
The partnership is anticipated to accelerate the development of software for Rivian and Volkswagen Group. It is expected to allow both companies to combine their complementary strengths and lower cost per vehicle by increasing scale and speeding up innovation globally.
Rivian’s proven in-market zonal hardware
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