VW to invest up to $5 billion in Rivian in an EV tech joint venture

SAN FRANCISCO — German automaker Volkswagen Group will invest up to $5 billion in U.S. electric-vehicle maker Rivian as part of a new, equally controlled joint venture to share EV architecture and software, the companies said on Tuesday.

The investment will provide Rivian — known for its flagship R1S SUVs and R1T pickups — the funding it needs to develop its less-expensive and smaller R2 SUVs that are set to roll out in 2026, CEO RJ Scaringe told Reuters.

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