Volkswagen Group will invest up to about NZ$8 billion (US$5b) in US EV manufacturer Rivian in a joint venture to share EV architecture and software.
The investment will provide Rivian with the funding to develop its less expensive and smaller R2 SUVs due to roll out in 2026 and its planned R3 crossovers, Rivian Automotive chief executive RJ Scaringe told Reuters.
The investment will boost Rivian, which is known for its R1S SUVs and R1T utes.
VW intends launching 25 EV models in North America across its group brands by 2030.
