Volkswagen invests $5 billion in U.S. car startup Rivian

Volkswagen Group announced that it will establish a joint venture with American electric car manufacturer Rivian to focus on the development of next-generation pure electric vehicles and vehicle software. The joint venture will be equally controlled by both parties and is expected to be established in the fourth quarter of 2024. Volkswagen Group will invest $1 billion in Rivian and an additional $4 billion in the future, for a total investment of $5 billion. This move is expected to boost Rivian's stock price, with a market value expected to increase by nearly $6 billion.