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VW to invest up to $5B in Rivian software deal

VW Group will invest $1 billion into EV startup Rivian as part of a software development deal that could expand to as much as $5 billion. The deal, which

Rivian has a deep need to lower the cost of its manufacturing its vehicles and to pad its balance sheet as it tries to scale production of its existing EVs and develop and bring its next-generation R2 line to market. VW Group, meanwhile, has struggled with its software development and plans to bring so-called software-defined vehicles to market. The news comes just weeks after Rivian started producing the next-generation of its R1T pickup truck and R1S SUV, an upgrade that reworking the guts of its vehicles, changing everything from the battery pack and suspension system to the electrical architecture, interior seats and sensor stack.

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