Volkswagen is investing $5 billion in Rivian as part of a new joint venture that will give the German auto giant access to the buzzy California EV company’s software and EV platform.
The new venture was announced in a post from Rivian CEO RJ Scaringe, who noted the investment will help the company bring its next generation R2 electric vehicle to market starting in 2026.
Scaringe said the partnership will bring Rivian’s new zonal architecture, available now through its refreshed second-generation R1 vehicles, as well as its software, to a “broader market.”
The money will no doubt come in handy, too. Like other EV-only companies, Rivian has been struggling through a period of cooling demand around electric vehicles. The company’s sales are up, but its losses are increasing. And Rivian has gone through several rounds of layoffs as it seeks to rightsize its finances.
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