The Volkswagen Group has increased its planned investments in an announced joint venture with electric vehicle manufacturer Rivian Automotive.
The companies said in a joint press release that the deal size is now up to $5.8 billion – an increase from the initial investment of up to $5 billion – with the first VW models to use Rivian’s software and electrical architecture as early as 2027. Rivian shares rose more than 6 percent.
VW Group CEO Oliver Blume said during a press conference that the German automaker expects to use Rivian’s technologies across a wide range of prices, international markets and brands.
Integration of Rivian’s software is expected to begin with the Volkswagen brand, followed by Audi as well as VW’s Scout brand, Blume said. He also mentioned that “sports cars” could be included, but did not specify the make. VW’s marques also include Bentley, Porsche and Lamborghini, among others.
“We are thrilled to see our technology being integrated into vehicles beyond Rivian and are excited about the future,” said Rivian CEO RJ Scaringe.
Both Scaringe and Blume said that any further plans such as battery modules, joint production of vehicles or sharing of other hardware components should be in addition to the announced joint investment agreement.
The name of the joint venture is Rivian and VW Group Technology, LLC.
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