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Benzinga
  • 2 years ago
Volkswagen announced a potential $5 billion partnership with electric vehicle startup Rivian to develop software for their EVs. The partnership will involve a joint venture to develop "next-generation software-defined vehicle platforms" using Rivian's technology as the base. Both companies will use this software in future EVs. Rivian says the investment will provide the capital needed to scale production and launch its planned EV factory in Georgia, which was recently put on hold. VW's investment includes convertible notes, equity stakes, and funding for the joint software venture totaling, dependent on Rivian hitting technical milestones.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02Volkswagen announced a potential $5 billion partnership with electric vehicle startup
00:07Rivian to develop software for their EVs.
00:10The partnership will involve a joint venture to develop next-generation software-defined
00:14vehicle platforms using Rivian's technology as the base.
00:18Both companies will use this software in future EVs.
00:21Rivian says the investment will provide capital needed to scale production and launch its
00:25planned EV factory in Georgia, which was recently put on hold.
00:29Volkswagen's investment includes convertible notes, equity stakes, and funding for the
00:33joint software venture, totaling dependent on Rivian hitting technical milestones.
00:37For all things money, visit Benzinga.com.
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