Volkswagen and Rivian announce a joint venture for software and electrical architecture

Rivian

Rivian and Volkswagen Group announced plans for an equally owned joint venture to develop next-generation electrical architecture and software. Volkswagen committed up to $5 billion, starting with a $1 billion convertible note, with additional tranches tied to forming the joint venture and other milestones.

• Equally controlled JV focused on software, electronic control units and network architecture design; closure expected Q4 2024
• Volkswagen investment: $1B convertible note (issued), $2B common stock (2025–2026, milestone-dependent), $2B JV funding
• Contingent on finalizing definitive agreements, achieving milestones, and obtaining regulatory approvals; no guarantee of additional $4B