Rivian shares soar on massive cash injection from Volkswagen, starting immediately with $1 billion
What major contract did Rivian secure with Amazon?
Rivian secured a major contract with Amazon to produce 100,000 electric delivery vans. This agreement provided Amazon exclusive access to the vans for four years from when it began receiving the EVs. Rivian reiterated its pledge to help Amazon put 100,000 electric vehicles on the road by 2030.
When are vehicles using the joint venture technology expected to launch?
Vehicles using the joint venture technology between Rivian and Volkswagen are expected to launch in the second half of the decade1. The partnership aims to accelerate the development of software for Rivian and Volkswagen Group, enabling both companies to combine their complementary strengths and increase scale while speeding up innovation globally.
What intellectual property will Rivian license to Volkswagen?
Rivian will license its existing intellectual property rights related to electrical architecture and software platform to the joint venture with Volkswagen. This will allow Volkswagen Group to utilize Rivian's technology in their vehicles, accelerating the development of software-defined vehicles and benefiting both companies through increased scale and innovation.