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International Business Times UK
International Business Times UK
Niloy Chakrabarti

EV Startup Rivian Shares Jump Over 50% After $1 Billion Investment from Volkswagen

Rivian RJ Scaringe CARIAD Architecture Volkswagen Bernstein JV
Volkswagen CEO Oliver Blume (left) and Rivian CEO RJ Scaringe (right) at the new joint venture announcement. (Credit: Rivian)

Volkswagen Group plans to enter a joint venture (JV) with US-based EV startup Rivian to leverage the latter's electronic control units (ECU) architecture and software stack to create an industry-leading software-defined vehicle (SDV) technology platform.

As part of the strategic partnership, Volkswagen will initially invest $1 billion in Rivian and an additional $4 billion by 2026, according to a June 25 press release.

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