The cash infusion is expected to help Rivian pay for development of its more affordable models.
Volkswagen is investing $5 billion in Rivian, with the new joint venture expected to deliver new vehicles within the next five to ten years.
Rivian’s founder and CEO, RJ Scaringe, highlighted that this partnership will expand Rivian’s software and zonal electronics platform through VW’s massive global reach. The funding will help pay for the development of Rivian’s more affordable models like the R2 and R3.
Brands under the VW Group umbrella like Porsche, Lamborghini, Audi, Bugatti, and Bentley all stand to benefit from Rivian’s software expertise. Volkswagen’s in-house software initiatives have faced challenges. The 2019 attempt to unify software development across all its brands has led to a constant stream of leadership changes and project restarts.
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