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Volkswagen increases investment into Rivian joint venture to $5.8 billion

The Volkswagen-Rivian joint venture is intended to launch VW models with Rivian electric vehicle technology as soon as 2027

TJ Denzer

November 12, 2024 5:15 PM

Image via Rivian

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Electric vehicle company Rivian has just gotten quite the investment boost from German automaker Volkswagen. The two already had a joint venture deal with a value of around $5 billion in investment, but Volkswagen has announced it will be increasing that investment to up to $5.8 billion. With it, the two companies are aiming to produce Volkswagon models that will utilize Rivian EV architecture and software as early as 2027.

The two companies issued a joint press release via Business Wire about the increased investment this week. It will be Volkswagen bumping the total deal investment from $5 billion to up to $5.8 billion. The increase is the result of a change in the deal’s structure, which included an equity investment. With it Volkswagon pulled potential future capital in order to increase the investment.

Earlier this summer, Oliver Blume and I shared our plan for a joint venture between Rivian and Volkswagen Group. Tomorrow, we're excited to officially launch Rivian and VW Group Technology, LLC, led by co-CEOs Wassym Bensaid and Carsten Helbing.

This venture marks a significant… pic.twitter.com/DEaFCXFKZM

— RJ Scaringe (@RJScaringe) November 12, 2024

Rivian and Volkswagen announced their joint venture in June 2024, earlier this year. The original $5 billion deal saw Volkswagen put in $1 billion up front, with the other $4 billion coming through over the course of several years. With the increased investment, Volkswagen and Rivian will be able to increase progress towards their goal of launching a collaborative vehicle in the years ahead.

We still don’t have an exact clue as to what model or style of vehicle Rivian and Volkswagen will be pursuing in their joint venture, so stay tuned for further details on our electric vehicles topic as news drops.

TJ Denzer

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.