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VW will make investments as much as $5 billion in Rivian as a part of new EV three way partnership

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Volkswagen is investing $1 billion in Rivian as a part of a brand new three way partnership that may give the German auto big entry to the buzzy California EV firm’s software program and EV platform. An extra $4 billion might be invested in Rivian, for a complete sum of $5 billion.

The brand new enterprise was introduced in a post from Rivian CEO RJ Scaringe, who famous the funding will assist the corporate convey its subsequent technology R2 electric vehicle to market beginning in 2026. The R2 is anticipated to be a extra inexpensive $45,000 mannequin than its present luxury-priced EVs, the R1T and R1S.

Scaringe stated the partnership will convey Rivian’s new zonal structure, obtainable now by way of its refreshed second-generation R1 vehicles, in addition to its software program, to a “broader market.” Rivian lately turned one of many few corporations past Tesla to make use of a zonal structure for its autos that depend on fewer electrical management models than ordinary.

VW isn’t the primary legacy automaker to companion with Rivian. The corporate was planning to co-develop an electrical SUV with Ford, however these plans were cancelled amid the covid pandemic. The plan was to make use of Rivian’s battery pack and electrical motor setup in a Ford or Lincoln branded SUV. Ford invested $500 million in Rivian as a part of the plan, together with $700 million from Amazon.

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