Volkswagen AG ADR

VWAGY: OTCM (USA)
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Volkswagen: Joint Venture With Rivian Finalized After Increased VW Investment

Volkswagen and Rivian have finalized their 50/50 independently operated joint-venture arrangement to develop electronic architecture and software for both brands. VW will be contributing the capital, while Rivian will be providing the expertise. VW will be contributing up to USD 5.8 billion in capital to the JV up until 2027; the company will also cover 75% of the JV's shared development expenses up until 2028 and VW will continue to pay $100 million per year. This is above VW's 50% share of the JV's shared costs from 2029 into perpetuity. Delivery of the first VW vehicle to be equipped with the new technology is expected in 2027.

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