German carmaker Volkswagen to invest up to $5bn in US-based electric vehicle company Rivian to share technology

cross-posted from: https://feddit.org/post/181995

• Rivian and Volkswagen Group intend to enter a joint venture to create next generation software-defined vehicle (SDV) platforms to be used in both companies’ future electric vehicles.
• Volkswagen Group to invest an initial $1 billion in Rivian, with up to $4 billion in planned additional investment for a total expected deal size of $5 billion.
• Joint venture is expected to build on Rivian’s industry-leading software and electrical architecture to create best-in-class software-defined vehicle technology platform.
• The tie-up comes as competition intensifies between EV makers and Western countries move to impose tariffs on Chinese imports.