(Reuters) – Rivian and Volkswagen Group launched on Tuesday the joint venture they had announced in June, valued at $5.8 billion, to share software and electric vehicle architecture.
The joint venture aims to integrate advanced electrical infrastructure and Rivian’s software technology for future electric vehicles of both companies, across all relevant vehicle segments, including subcompact cars, the firms said.
Volkswagen Group plans to invest up to $5.8 billion in Rivian and the joint venture by 2027, they said, adding that an initial investment of $1 billion in the form of a convertible note has already been made.
(Reporting by Akash Sriram in Bengaluru; Editing by Mohammed Safi Shamsi)