Rivian and Volkswagen Expand Joint Venture to $5.8 Billion with $800M Investment, First Models Expected by 2027

Nov 12, 2024, 09:18 PM

Rivian and Volkswagen have announced an expansion of their joint venture, increasing the deal size from $5 billion to $5.8 billion with an additional $800 million investment. The joint venture, named 'Rivian and VW Group Technology, LLC,' aims to advance electric vehicle technology. The first Volkswagen models utilizing Rivian's software and electrical architecture are expected to be released as early as 2027. The companies have also named co-CEOs for the venture and showcased a prototype electric vehicle.