FRANKFURT, June 26 (Bernama-dpa) -- German auto giant Volkswagen plans to invest up to US$5 billion in the US electric car manufacturer Rivian in the coming years, both companies announced, reported German news agency (dpa).
The partnership is expected to accelerate software development, Volkswagen announced in a statement after the US stock market closed on Tuesday.
Following the establishment of the joint venture, Volkswagen will have direct access to Rivian's electric car technology for implementation in its electric vehicles.
"Through our cooperation, we will bring the best solutions to our vehicles faster and at lower cost," Volkswagen Group chief executive Oliver Blume said.
The Volkswagen Group will invest an initial US$1 billion in Rivian, with a planned additional investment of up to US$4 billion, bringing the total expected deal size to US$5 billion.
-- BERNAMA-dpa
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