- New joint venture (JV) with a total deal size of up to $5.8
billion combines the strength of both partners to create
cutting-edge software and electronics architectures and scale the
electric vehicle platforms and architectures.
- Engineers join the JV to create electric architecture and
software for next generation Software Defined Vehicles (SDV).
- JV to be co-led by Wassym Bensaid (Rivian) and Carsten Helbing
(Volkswagen Group).
- Oliver Blume, CEO Volkswagen Group: “The partnership with
Rivian is the next logical step in strengthening our global
competitive and technological position.”
- Rivian CEO RJ Scaringe: “We’re thrilled to see our technology
being integrated in vehicles outside Rivian – this is an important
enabler to help accelerate EV adoption.”
Rivian Automotive (NASDAQ: RIVN) and Volkswagen Group (XETRA:
VOW / VOW3) entered into a transaction agreement to create their
new joint venture (JV) – “Rivian and VW Group Technology, LLC”,
known as Rivian and Volkswagen Group Technologies – with a total
deal size of up to $5.8 billion, which is expected to start on
November 13. Through this JV, the companies plan to bring
next-generation electrical architecture and best-in-class software
technology for both companies’ future electric vehicles, covering
all relevant vehicle segments, including subcompact cars. It is
highly complementary reflecting Rivian’s industry-leading software
and electrical hardware technology as well as Volkswagen Group’s
significant global scale and industry-leading vehicle platform
competencies.
The joint venture will be headed by Wassym Bensaid (Rivian) and
Carsten Helbing (Volkswagen Group). Developers and software
engineers from both companies will join the joint venture. Teams
will be based in Palo Alto, California initially, and three other
sites are in development in North America and Europe. By combining
their complementary expertise, the two companies plan to reduce
development costs and scale new technologies more quickly. The goal
is to be able to offer customers the best technological solution as
early as possible.
Oliver Blume, CEO of Volkswagen Group, said: “The
partnership with Rivian is the next logical step in our software
strategy. With its implementation, we will strengthen our global
competitive and technological position. Today’s launch of the joint
venture demonstrates the potential we want to leverage together in
the coming years. We have a clear plan to offer our customers the
best products and digital experiences at attractive prices through
state-of-the-art development processes, innovative technological
approaches, and a competitive cost base driven by synergies.”
RJ Scaringe, Founder and CEO of Rivian, said: “Today’s
finalization of our joint venture with Volkswagen Group marks an
important step forward in helping transition the world to electric
vehicles. We’re thrilled to see our technology being integrated in
vehicles outside of Rivian, and we’re excited for the future.
Rivian will continue to stay focused on creating best in class
products and services that benefit our customers, helping to drive
EV adoption.”
The JV will aim to use the existing Rivian electrical
architecture and software technology stack, enabling the launch of
Rivian’s R2 in the first half of 2026 and support the expected
launch of the first models from the Volkswagen Group as early as
2027.
The JV will evolve this modular and flexible state-of-the-art
electrical architecture. It will scale the technology across a wide
range of price points and international markets, paving the way for
new generations of high-volume vehicles that are fully capable of
advanced automated driving functions and can integrate over-the-air
updates (OTA) and upgrades. Customers will regularly receive new
software updates, increasing the added value throughout the entire
lifecycle of the vehicle.
Teams from Rivian and Volkswagen Group have already successfully
demonstrated the potential of their collaboration. In just twelve
weeks, the team developed an initial drivable demonstrator vehicle.
A Volkswagen Group vehicle has been retrofitted to run on Rivian’s
proven in-market zonal hardware design and integrated technology
platform. The drivable demonstrator vehicle not only highlights the
scalability and integration capabilities of both companies, but it
also further proves the concept for the joint venture.
Carsten Helbing, designated future co-CEO of the joint
venture, said: “We have made a successful start. Over the past
few months, we’ve created the framework for bringing together the
JV teams and pooling our resources. We are thrilled with the rapid
progress we have achieved in the preparatory phase. This has laid
the foundation for our future success.”
Wassym Bensaid, co-CEO of the joint venture, said: “We’re
excited to have entered into this joint venture, and welcome
colleagues from both Rivian and Volkswagen Group to our new
venture. The aim of the joint venture is to speed up innovation,
increase scale and lower the cost of owning an EV for millions of
people around the world. I’m hugely impressed by the work done
already. While the demonstrator vehicle only scratches the surface
of what is possible, it’s incredibly exciting to see what is
possible when a new OEM and a legacy automaker work closely
together.”
Volkswagen Group plans to invest up to $5.8 billion in Rivian
and the joint venture by 2027. An initial investment of $1 billion
in the form of a convertible note has already been made. At closing
of the Joint Venture, Volkswagen Group will invest about $1.3
billion as consideration for background IP licenses and a 50%
equity stake in the joint venture. These investments also balance
part of lower future costs identified during the technical
feasibility tests and the sharing of costs for the inclusion of
selected Volkswagen MEB models. The remaining investment of up to
$3.5 billion is expected to come in the form of equity, convertible
notes, and debt at future dates and based on clearly defined
milestones. Further investments are tied to clear operational,
technical, and financial milestones. The joint venture will operate
as an independent company.
Through the partnership, Volkswagen Group aims to strengthen
consumer benefits surrounding innovation, scalable platform and
cost savings potential for both sides, as well as enhancing its
R&D cost efficiency and thus sustainably reduce overall
expenditure in this area.
Rivian will host a public call for its investors at 2pm PT / 5pm
ET today. Please find the dial in here.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward- looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements, including without limitation statements regarding
receipt of regulatory approvals, the parties entering into
definitive agreements, the formation of the JV, the expected
benefits from the partnership, the future investments in Rivian
shares and the investments related to the JV, you can identify
forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,”
“forecasts,” “predicts,” “potential” or “continue” or the negative
of these terms or other similar expressions, although not all
forward-looking statements use these words or expressions. We have
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our business, financial
condition, and results of operations. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance, or
achievements to be materially different from any future results,
performance, or achievements expressed or implied by the
forward-looking statements, including, but not limited to, the
important factors discussed in Part II, Item 1A, “Risk Factors” in
Rivian’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2024, and its other filings with the Securities and
Exchange Commission. The forward-looking statements in this press
release are based upon information available to us as of the date
of this press release, and while we believe such information forms
a reasonable basis for such statements, such information may be
limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information. These
statements are inherently uncertain, and investors are cautioned
not to unduly rely upon these statements. While we may elect to
update such forward-looking statements at some point in the future,
we disclaim any obligation to do so, even if subsequent events
cause our views to change.
About Volkswagen Group:
The Volkswagen Group is one of the world's leading car makers,
headquartered in Wolfsburg, Germany. It operates globally, with 114
production facilities in 19 European countries and 10 countries in
the Americas, Asia and Africa. With around 684,000 employees
worldwide. The Group’s vehicles are sold in over 150 countries.
With its portfolio of strong global brands, leading technologies
at scale, innovative ideas to tap into future profit pools and an
entrepreneurial leadership team, the Volkswagen Group is committed
to shaping the future of mobility through investments in electric
and autonomous driving vehicles, digitalization and sustainability.
In 2023, the total number of vehicles delivered to customers by the
Group globally was 9.2 million (2022: 8.3 million). Group sales
revenue in 2023 totaled EUR 322.3 billion (2022: EUR 279.1
billion). The operating result before special items in 2023
amounted to EUR 22.6 billion (2022: EUR 22.5 billion).
About Rivian:
Rivian (NASDAQ: RIVN) is an American automotive manufacturer
that develops and builds category-defining electric vehicles and
accessories. The company creates innovative and technologically
advanced products that are designed to excel at work and play with
the goal of accelerating the global transition to zero-emission
transportation and energy. Rivian vehicles are built in the United
States and are sold directly to consumer and commercial customers.
The company provides a full suite of services that address the
entire lifecycle of the vehicle and stay true to its mission to
keep the world adventurous forever. Whether taking families on new
adventures or electrifying fleets at scale, Rivian vehicles all
share a common goal — preserving the natural world for generations
to come. Find out more about the company, its products, and career
opportunities at www.rivian.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20241112561975/en/
Media Contacts
Rivian:
Harry Porter – media@rivian.com Marina Hoffmann -
media@rivian.com
VW Group:
Pietro Zollino - pietro.zollino@volkswagen.de Jonas Kulawik -
jonas.alexander.kulawik@volkswagen.de Christopher Hauss -
christopher.hauss@volkswagen.de
Rivian Automotive (NASDAQ:RIVN)
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Rivian Automotive (NASDAQ:RIVN)
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