The deal of up to €4.68bn creates a joint venture that will allow VW and the US-based electric vehicle (EV) maker to share technology.
ADVERTISEMENTUnder the agreement, VW said it will initially invest €0.94 billion in the electric truck and SUV maker, with another €3.74bn to be put into the company by 2026.
Founded in 2009, Rivian has not yet posted a quarterly profit. In the first three months of 2024 the company saw a net loss of more than $1.4bn (€1.31bn).
It comes as the electric car sector faces challenges from weakening demand and a trade war which has seen the European Union say it will impose tariffs on Chinese…