Rivian (RIVN) and VW officially launch their new EV joint venture [Video]

Rivian (RIVN) and Volkswagen, an upcoming EV startup and one of the world’s largest automakers, are teaming up to accelerate the shift to electric vehicles.

In June, we learned Volkswagen would invest up to $5 billion to form a new joint venture with Rivian.

VW CEO, Oliver Blume, said the partnership is designed to “bring the best solutions to our vehicles faster and at a lower cost.” The legacy automaker will use Rivian’s software expertise to create a new EV archetecture for next-gen software defined vehicles (SDVs).

On Tuesday, Rivian and VW officially entered into an agreement to create their new joint venture, “Rivian and VW Group Technology, LLC.”

The total deal size is up to $5.8 billion and is expected to start on November 13, 2024. Through the new partnership, Rivian and VW plan to bring a next-gen EV architecture and best-in-class software to both companies future EV models.”

Blume said, “Today’s launch of the joint venture demonstrates the potential we …