From CNBC: 2024-11-12 17:55:58

Volkswagen Group and Rivian Automotive have increased their joint venture investment to $5.8 billion, with VW models using Rivian’s technology as early as 2027. Rivian’s stock rose 6% after-hours. The deal includes integrating Rivian’s software into Volkswagen, Audi, and possibly sports cars. The joint venture will be named “Rivian and VW Group Technology, LLC.” Volkswagen has already invested $1 billion, with an additional $1.3 billion at the closing. The remaining $3.5 billion will come by 2027. The joint venture will be led by executives from both companies, with teams based in California and expanding to North America and Europe.



Read more at CNBC: Rivian-Volkswagen joint venture up deal to up to $5.8 billion