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VW launches $5.8bn tie-up with Tesla rival Rivian

The firms will share EV technology as they face slowing demand and competition from Chinese rivals.

Volkswagen Group (VW) and Tesla rival Rivian have launched a joint venture, with the German car giant increasing its investment in the partnership. The tie-up will see the firms sharing critical technology at a time of slowing global demand for electric cars and increased competition from Chinese rivals. The joint venture provides loss-making Rivian with a crucial source of funding as it prepares for the launch next year of its R2 model - a sports utility vehicle (SUV) that is smaller and more affordable than its current offerings.

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