Volkswagen will invest up to $5 billion in Rivian as part of the deal, which will see the two team up on software development.
Rivian and Volkswagen are teaming up to create software for their future electric vehicles, the two automakers said Tuesday in a surprise announcement that includes a VW investment of up to $5 billion in the American startup automaker. Both companies are running into very different challenges ramping up their EV businesses, and the deal looks like it could be a win-win.
Old-school carmakers are all looking to integrate more software into their vehicles, enabling them to fix bugs, update features or sell you stuff with a simple software update. Volkswagen's efforts to build new vehicle software and the electrical architecture it runs on have been delayed and fraught; it cleaned house at Cariad, its software division, last year. Rivian, meanwhile, is widely regarded for its software and user experience.
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Volkswagen Investing Up To $5 Billion In Rivian As The Carmakers Plan Software VentureAlan Ohnsman is a Forbes senior editor who covers cleantech and advanced transportation. He joined Forbes in 2016 and works in Los Angeles. He co-authors the Current Climate newsletter, writes about promising clean energy developments and has covered Tesla since 2006, when he was with Bloomberg News. He has a graduate degree in journalism and a B.
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