Complete PR for those feeling smart not to understand the JV 😂
06/25/2024 - 01:19 PM
Rivian and Volkswagen Group intend to enter a joint venture to create next generation software-defined vehicle (SDV) platforms to be used in both companies’ future electric vehicles
Volkswagen Group to invest an initial $1 billion in Rivian, with up to $4 billion in planned additional investment for a total expected deal size of $5 billion
Joint venture is expected to build on Rivian’s industry-leading software and electrical architecture to create best-in-class software-defined vehicle technology platform
Rivian and Volkswagen Group intend to enter a joint venture to create next generation software-defined vehicle (SDV) platforms to be used in both companies’ future electric vehicles
Volkswagen Group to invest an initial $1 billion in Rivian, with up to $4 billion in planned additional investment for a total expected deal size of $5 billion
Joint venture is expected to build on Rivian’s industry-leading software and electrical architecture to create best-in-class software-defined vehicle technology platform
IRVINE, Calif. & WOLFSBURG, Germany--(BUSINESS WIRE)-- Rivian Automotive (NASDAQ: RIVN) and Volkswagen Group (XETRA: VOW / VOW3) have today announced their intention to form an equally controlled and owned joint venture (JV) to create next-generation electrical architecture and best-in-class software technology.
Oliver Blume, CEO of Volkswagen Group and RJ Scaringe, Founder and CEO of Rivian announce joint venture plans. (Photo: Business Wire)
The partnership is anticipated to accelerate the development of software for Rivian and Volkswagen Group. It is expected to allow both companies to combine their complementary strengths and lower cost per vehicle by increasing scale and speeding up innovation globally. Rivian’s proven in-market zonal hardware design and integrated technology platform are expected to serve as the foundation for future SDV development in the JV that will be applied to both companies’ vehicles. Rivian plans to contribute its electrical architecture expertise and is expected to license existing intellectual property rights to the joint venture.
The partnership is anticipated to accelerate the development of software for Rivian and Volkswagen Group. It is expected to allow both companies to combine their complementary strengths and lower cost per vehicle by increasing scale and speeding up innovation globally. Rivian’s proven in-market zonal hardware design and integrated technology platform are expected to serve as the foundation for future SDV development in the JV that will be applied to both companies’ vehicles. Rivian plans to contribute its electrical architecture expertise and is expected to license existing intellectual property rights to the joint venture.
Both companies aim to launch vehicles benefiting from the technology created within the joint venture in the second half of the decade. In the short term, the joint venture is expected to enable Volkswagen Group to utilize Rivian’s existing electrical architecture and software platform. The partnership’s ambition is to accelerate Volkswagen Group’s SDV plans and transition to a pure zonal architecture. Each company will continue to separately operate their respective vehicle businesses.
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