The new joint venture — Rivian and Volkswagen Group Technologies — will officially kick off November 13 as an independent company. And, if successful, it could be a boon for both companies.

Rivian received another $1 billion from the Volkswagen Group on June 30, the electric vehicle startup announced on Wednesday.

Electric vehicle startup Rivian and German automobile giant Volkswagen finalized their joint venture this week, a $5.8 billion deal that could prove transformational for both automakers.

When the joint venture closes, Volkswagen said they’ll invest roughly $1.3 billion as consideration for additional background IP licenses, as well as a 50% equity stake in the venture.

Volkswagen has increased its stake in US partner Rivian. A second payment of one billion US dollars became due on 30 June, ...

Electric vehicle maker Rivian has received a major boost this week as German automotive giant Volkswagen unlocked a $1 ...

Rivian intentionally limited production at its plant in Illinois to retool it for 2026 model year vehicles, but said it's still on track to deliver up to 46,000 vehicles in 2025.

Public will have a choice of four monikers for the newcomer that will be assembled locally at Kariega plant, and go on-sale in 2027.