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.

The announcement lifts the veil on one of the largest automotive deals this year, providing more details on its goals, leadership and financial structure.

Rivian and Volkswagen Group have finalized a multibillion-dollar joint venture to develop software, paving the way to let the German auto giant leverage the EV startup’s more technical chops in the coming years. Volkswagen will invest up to $5.8 billion by 2027, about 16% more than when the deal was first announced in June.

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

Volkswagen will invest up to $5.8 billion in Rivian stock and a joint venture—up from a $5 billion deal value envisaged when the collaboration was announced in June. Rivian stoc

Volkswagen will invest up to $5.8bn into Rivian as part of a new joint venture that’ll see them both working extremely closely on their future electric cars. In short, it means Rivian can get a boatload of cash and Volkswagen’s scale to launch and evolve the R2 (pictured above) and other models.

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.