Volkswagen has announced it will invest up to $5 billion in Rivian, the electric automaker that builds the R1S SUV and R1T pickup truck.The two automakers will create a joint venture focused on the development of a new electrical architecture and vehicle software for future models.The partnership will help Volkswagen move closer to developing software-defined vehicles and give Rivian a much-needed influx of cash.
The approval of the joint venture would also give VW immediate access to Rivian's current electronic architecture for use in its own vehicles. According to Rivian, significant work has been done over the past several months to confirm compatibility between Rivian's architecture and Volkswagen's vehicles. Cash InfluxDespite earning high praise for its current lineup from industry reviewers , Rivian has struggled to ramp up production and turn a profit from its sales.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ABC7Chicago - 🏆 284. / 63 Read more »