Volkswagen to invest $5 billion in electric vehicle company Rivian

The two parties are expecting this joint venture to be complete by the fourth quarter of 2024, though any transactions in this are subject to definitive agreements,

“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,” Rivian founder and CEO RJ Scaringe said. “Rivian was created to help the world to transition away from fossil fuels through compelling products and services, and this partnership is beautifully aligned with that mission.

Electric vehicles recharge at a charging station in Wheeling, Illinois, Tuesday, Jan. 23, 2024. released earlier this month stated that 63% of adults said they would be unlikely or very unlikely to purchase a fully electric vehicle, up by 10% from last year. Only 18% said they would be likely or very likely to purchase an electric vehicle, down from 23% last year.

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What Rivian's venture with Volkswagen means for the EV maker, broader auto industryRivian's latest partnership with Volkswagen could prove a major boon for investors and the broader auto industry, according to some Wall Street analysts.
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Volkswagen Group to make up to $5bn investment in Rivian for software helpCAR magazine UK reveals the news that Volkswagen Group and Rivian are teaming up to develop new car sofware
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