VW announced that it will invest $5 billion (€4.67 billion) in a joint venture with electric vehicle manufacturer Rivian Automotive, an operation seen as the solution to the American company’s recent difficulties.
In a statement, the American brand said that VW will now have access to Rivian’s electric vehicle production technology, and that the German automaker will immediately disburse one billion dollars and the remaining four billion dollars later.
The new joint venture will be equally controlled by both companies and will focus on the development of electric vehicles equipped with state-of-the-art software.
“Thanks to our cooperation, we will provide the best solutions for our vehicles faster and at a lower cost,” said Oliver Blume, CEO of Volkswagen.
