VW will invest up to $5 billion in Rivian as part of new EV joint venture

Volkswagen is investing $1 billion in Rivian as part of a new joint venture that will give the German auto giant access to the buzzy California EV company’s software and EV platform. Rivian will receive an additional $4 billion over time, for a total sum of $5 billion.

The joint venture will be co-owned by Rivian and VW Group, which oversees brands like Audi, Porsche, Lamborghini, and its flagship Volkswagen. The two companies will introduce vehicles developed from the joint venture in the “second half of the decade,” they announced.