) as part of a new, equally controlled joint venture to share EV architecture and software, the companies said on Tuesday.
It will also help Rivian, known for its flagship R1S SUVs and R1T pickups, turn cashflow positive. The company will license its existing intellectual property rights to the JV, and the R2 will be the first vehicle using software from the JV. Volkswagen vehicles, including ones by its Audi, Porsche, Lamborghini and Bentley brands, will follow.
The German automaker will also invest $2 billion in Rivian stock - $1 billion each in 2025 and 2026 - subject to the startup hitting certain milestones, and provide a $1 billion loan in 2026.
"They were definitely going to need something to get them past the launch of the R2s. This definitely helps extend that range," said Sam Fiorani, vice president at research firm AutoForecast Solutions.
Canada Canada Latest News, Canada Canada 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 »