CNN —
Rivian and Volkswagen Group are forming a joint venture to create vehicle software, the two companies announced Tuesday.
VW will invest a total of $5 billion into struggling electric vehicle maker Rivian as part of the arrangement, including a $1 billion immediate investment.
The two automakers did not provide a name for the new joint venture company or name its leadership team. Rivian CEO RJ Scaringe said during a conference call that it would have two co-leaders, each reporting to one of the automakers.
“The way the joint venture has been
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