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Rivian secures up to $5 billion from Volkswagen, shares soar more than 50%
Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion.
Pietro Zollino, head of VW corporate communications, said the deal with Rivian does not change the German automaker's plans to build a $2 billion EV plant for its announced Scout Motors trucks and SUVs in South Carolina. That last measure is expected to save more than $2.25 billion in capital spending, including the impact of starting production of Rivian's upcoming, less expensive R2 vehicles at its plant in Illinois instead of Georgia during the first half of 2026. McDonough said Volkswagen's investment is expected to carry the company through the ramp-up of its new, less expensive R2 vehicles in Illinois as well as the midsize EV platform at its plant in Georgia.
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