Volkswagen and EV company Rivian have entered a new partnership, and the total price tag for the collaboration could reach an eye-popping $5 billion. The businesses are launching a joint venture to develop platforms for “software-defined vehicles.” According to theannouncing the deal, the joint venture's work will focus on Rivian's zone-based approach to electric vehicles, which significantly reduces the complexity of the wiring and electronics.
The massive dollar figure for this collaboration is broken up into components. Volkswagen is making a baseline $1 billion investment in Rivian the EV company, followed by two more expected investments of the same amount in 2025 and 2026. The car brand also anticipates putting a total of $2 billion into the joint venture, some at the launch and some as a loan in 2026.
This work will see Volkswagen adopting Rivian's signature zonal architecture for its own future machines. Today's announcement follows hot on the heels of the brandof its salaried staff. A deal of this size with a leading traditional automaker should help the company to stabilize as it works towards its
Technology Technology Latest News, Technology Technology Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ForbesTech - 🏆 318. / 59 Read more »