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Volkswagon will start with a $1 billion investment, with the other $4 billion coming through the joint venture to aid Rivian in bringing its next vehicles to market.
VW has been lagging behind in the industry-wide transition to electric vehicles, but the company is putting money behind its words with this $700 million investment in Xpeng.
Volkswagen's new electric sedan touts a 300-mile range.
These are the vehicle models eligible for the IRS' clean vehicle EV tax credit.
Ford and Volkswagen will reportedly offer jobs to some of Argo AI's employees and absorb the company's parts.
The German automotive maker has invested heavily to shore up its supply in 2023, but still believes there will be difficulties throughout next year.
