The new agreement builds on an earlier announcement in which the German automaker said it would invest up to $5 billion in Rivian, a maker of electric vehicles. The new venture brings them closer.
For the first time in its 87-year history, the automaker is considering shuttering factories in Germany, citing the need to remain competitive.
VW and Rivian, a maker of electric trucks that has struggled to increase sales and break even, will work together on software and other technologies.
Gernot Döllner, who is considered close to Volkswagen’s chief executive, Oliver Blume, will take over at the luxury brand starting Sept. 1.
The German automaker announced a plan to accelerate its transition to battery-powered vehicles and bolster operations in China and North America.
Despite sticker prices in the millions, the storied brand chronically lost money. The Croatian firm Rimac will take a controlling interest.
Despite sticker prices in the millions, the storied brand chronically lost money. The Croatian firm Rimac will take a controlling interest.
