Volkswagen Group to form JV with Rivian and Invest up to $5B

June 26, 2024

DENVER, Colo., Jun 26, 2024 (247marketnews.com)- Rivian Automotive (NASDAQ:RIVN) and Volkswagen Group (XETRA:VOW) stated that they’re forming an equally controlled and owned joint venture (JV).

Volkswagen will initially invest $1 billion in Rivian and may invest up to $5 billion total in Rivian.

Volkswagen Group’s CEO, Oliver Blume, commented, “Our customers benefit from the targeted partnership with Rivian to create a leading technology architecture. Through our cooperation, we will bring the best solutions to our vehicles faster and at lower cost. We are also acting in the best interest of our strong brands, which will inspire with their iconic products. The partnership fits seamlessly with our existing software strategy, our products, and partnerships. We are strengthening our technology profile and our competitiveness.”

Rivian’s Founder and CEO, RJ Scaringe, stated, “We’re very excited to be partnering with Volkswagen Group. Since the earliest days of Rivian, we have been focused on developing highly differentiated technology, and it’s exciting that one of the world’s largest and most respected automotive companies has recognized this. Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group’s global reach, but this partnership also is expected to help secure our capital needs for substantial growth. Rivian was created to help the world to transition away from fossil fuels through compelling products and services, and this partnership is beautifully aligned with that mission.”

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