German auto giant Volkswagen will invest $5 billion in US electric vehicle maker Rivian and create a joint venture expected to produce technology used by both automakers, the companies announced Tuesday.
The collaboration includes a direct $3 billion investment by the German company in Rivian as well as $2 billion to establish an equally controlled and owned joint venture "to create next-generation electrical architecture and best-in-class software technology," the companies said in a news release.
