Volkswagen Group (VW) has increased its planned investment in a partnership with electric vehicle maker Rivian by 16 percent ahead of operations launching on Wednesday, the two companies announced.
In a joint statement, the German car giant and the Amazon-backed electric car maker said the joint venture is now worth up to $5.8 billion, marking an increase from an initial investment of up to $5 billion first announced in June.
The deal will leverage Rivian’s “industry-leading software and electrical hardware technology” and Volkswagen Group’s “significant global scale and industry-leading vehicle platform competencies” to create next-generation electric vehicle architecture and software for future models, including subcompact cars, according to the two companies….