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 companies said the deal is now up to $5.8 billion – up from up to $5 billion – with the first VW models to use Rivian's software and electrical architecture arriving as early as 2027.

Rivian Automotive Inc. and Volkswagen Group have launched their upsized joint venture, vowing to join forces to create “cutting edge” EV technology.