Transportation
Volkswagen Boosts Bet on Rivian’s EV Tech by $800 Million
- Carmakers name co-CEOs for previously announced joint venture
- VW to use the EV technology in its vehicles and Scout brand
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Volkswagen AG raised investment plans in Rivian Automotive Inc. by $800 million, signaling its commitment to the US partner even as electric-vehicle demand softens and the incoming Trump administration threatens to curtail supportive policies.
The companies also named leaders for their multibillion-dollar joint venture and showcased a prototype EV. The spending may ease concerns about Rivian’s cash burn and give the German carmaker access to its US partner’s software technology — an area where VW has stumbled.