Volkswagen and Rivian have established a joint venture to develop cutting-edge electric architectures and software for their vehicles.
Rivian, an American electric vehicle manufacturer facing significant financial losses, will benefit from Volkswagen's investment of $5.8 billion to enhance its software capabilities.
The new entity, Rivian & Volkswagen Group Technologies, aims to create a modular and flexible electric architecture, leveraging Rivian's advanced software for upcoming models, including Rivian's R2 and new Volkswagen electric vehicles.
Volkswagen's CEO Oliver Blume stated that this partnership is a crucial step in strengthening their competitive position in the global market.
Rivian, which went public in 2021 but has seen a drastic decline in stock value, aims to integrate its technology into vehicles beyond its own brand, promoting electric vehicle adoption.