Announcements from major automotive award organizations such as World Car Awards or MotorTrend

Volkswagen and Rivian Launch $5.8 Billion Joint Venture, Increasing Investment by 16%, First Models Expected by 2027

Nov 12, 2024, 10:26 PM

Volkswagen and Rivian have officially launched a joint venture named 'Rivian and VW Group Technology, LLC', increasing their investment by 16% to $5.8 billion from the initial $5 billion. The collaboration aims to integrate Rivian’s advanced software and electrical architecture into Volkswagen’s future electric vehicles. The first VW models using Rivian’s technology are expected as early as 2027. The joint venture will be led by co-CEOs Wassym Bensaid and Carsten Helbing. A prototype electric vehicle was also showcased as part of the announcement. Rivian's stock jumped over 9% in after-hours trading following the announcement. The companies aim to begin selling cars equipped with the technology developed from their joint venture by 2026.