Volkswagen to invest US$5bil in EV venture with Rivian

The new venture will be “equally controlled and owned” and aims to develop “next generation” battery-powered vehicles and software, VW and Rivian said. — Bloomberg

NEW YORK: Volkswagen AG (VW) will invest US$5bil to form a joint venture with electric vehicle (EV) maker Rivian Automotive Inc, throwing a lifeline to the struggling startup and giving the German automaker access to the American EV company’s technology.

VW said in a release that it will invest US$1bil immediately in Rivian and an additional US$4bil over time. The new venture will be “equally controlled and owned” and aims to develop “next generation” battery-powered vehicles and software, VW and Rivian said in a joint statement.