Volkswagen raises bet on Rivian by US$800mil

Combining expertise: Workers assemble R1 vehicles at Rivian’s factory in Illinois. Via the JV, the companies aim to develop an all-new software-defined vehicle with more advanced technologies, which they ultimately aim to license to other automakers. — Reuters

PALO ALTO: Volkswagen AG (VW) and Rivian Automotive Inc have named leaders for their multi-billion-dollar joint venture (JV) and showcased a prototype electric vehicle (EV), signalling their commitment even as global EV demand softens and the incoming Trump administration threatens to curtail supportive policies.

The two companies agreed in June to develop battery-powered vehicles together, with VW expected to invest as much as US$5bil into Rivian.