Volkswagen has earmarked a further $800mn for its partnership with electric vehicle start-up Rivian, as Europe’s largest carmaker bets that modern software will help slow falling sales.
The two carmakers on Tuesday said their joint venture, which was announced in the summer, would be led jointly by representatives from both companies: Rivian’s chief software officer, Wassym Bensaid, and VW’s chief technical engineer, Carsten Helbing.
VW in June said it would invest up to $5bn in Rivian.
VW’s decision to boost its investment in the start-up comes as executives face anger from German workers and unions over plans to close plants and lay off tens of thousands of workers in its home country.
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