Last June, VW said it would invest $5 billion in Rivian as part of a new joint venture that’s focused on developing a new electrical architecture and vehicle software for future models, including subcompact cars, with the first planned for 2027. The investment size has now increased to $5.8 billion.

Rivian Automotive Inc. and Volkswagen have launched their upsized joint venture, joining forces with the goal of creating “cutting-edge” electric-vehicle technology.

Electric vehicle manufacturer Rivian Automotive and the Volkswagen Group are partnering up in a nearly $6 billion deal to create a new technology company.

Rivian's joint venture with Volkswagen has been made official, with a fresh investment from the German giant in the US EV startup on the way.

Volkswagen has increased its planned investment in the electric automaker Rivian through a joint venture that officially launches Wednesday. The first Volkswagen models made with Rivian’s technology are expected to launch in 2027.

The German automotive giant said that it was committing to a $5.8 billion investment to boost its transition to electric vehicles in cooperation with US EV-maker Rivian.

German auto giant Volkswagen has officially launched a joint venture with US electric vehicle manufacturer Rivian, committing to a €5.8 billion ($6.2 billion) investment, €800 million more than previously planned,