The venture will be jointly run by Rivian's Chief Software Officer, Wassym Bensaid, and Carsten Helbing, Volkswagen Group's CTO. They'll serve as co-CEOs. It'll be based in Palo Alto, California, to start. Three more sites are in development North America and Europe, the companies said on Tuesday.

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

The new agreement, which builds on an earlier announcement, calls for the German automaker to invest $5.8 billion in Rivian, a maker of electric vehicles.

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,