Tesla rival Rivian saw its shares skyrocket on Wednesday thanks to a massive investment from Volkswagen.
The company announced on Tuesday that it would be investing $5 billion into Rivian to form a partnership to create “next-generation software-defined vehicle (SDV) platforms to be used in both companies’ future electric vehicles.”
Related: Rivian Announces R2, R3 Midsize EVs at a Lower Price Point
The new funds will help develop software to lower vehicle costs and increase production scale. Rivian also plans to license the IP of its electric vehicle design to Volkswagen to implement the software seamlessly into the new vehicles.
“Since the earliest days of Rivian, we have been focused on
→ Continue reading at Entrepreneur