Last June, VW said it would invest $5 billion in Rivian as part of a new joint venture that’s focused on developing a new electrical architecture and vehicle software for future models, including subcompact cars, with the first planned for 2027. The investment size has now increased to $5.8 billion.

Rivian and Volkswagen Group have finalized a multibillion-dollar joint venture to develop software, paving the way to let the German auto giant leverage the EV startup’s more technical chops in the coming years. Volkswagen will invest up to $5.8 billion by 2027, about 16% more than when the deal was first announced in June.

Electric vehicle manufacturer Rivian Automotive and the Volkswagen Group are partnering up in a nearly $6 billion deal to create a new technology company.

Rivian Automotive Inc. and Volkswagen have launched their upsized joint venture, joining forces with the goal of creating “cutting-edge” electric-vehicle technology.

Rivian's joint venture with Volkswagen has been made official, with a fresh investment from the German giant in the US EV startup on the way.

Volkswagen has increased its planned investment in the electric automaker Rivian through a joint venture that officially launches Wednesday. The first Volkswagen models made with Rivian’s technology are expected to launch in 2027.

The German automotive giant said that it was committing to a $5.8 billion investment to boost its transition to electric vehicles in cooperation with US EV-maker Rivian.

German auto giant Volkswagen has officially launched a joint venture with US electric vehicle manufacturer Rivian, committing to a €5.8 billion ($6.2 billion) investment, €800 million more than previously planned,