Illinois-based Rivian and Volkswagen Group are forming a joint venture to create vehicle software, the two companies announced Tuesday.
"The way the joint venture has been configured as it's a 50/50 joint venture that's designed with two co-CEOs that report effectively in to both businesses," said Scaringe.Volkswagen needs help with its software, where Rivian is seen as a very strong player. "Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group's global reach, but this partnership also is expected to help secure our capital needs for substantial growth," Scaringe said.Rivian plans to license existing intellectual property rights to the joint venture, allowing Volkswagen Group to use Rivian's existing electrical architecture and software platform.
Rivian, based in Irvine, made a splash during its stock market debut in 2021 as company shares spiked 53% and its market value neared $86 billion, greater than that of Ford and just below General Motors.
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