German Agency OKs Volkswagen’s Plans to Buy Rivian Stake
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BERLIN — The German Federal Cartel Office has approved plans by carmaker Volkswagen to buy a stake in U.S. electric car manufacturer Rivian, it said July 29.
The joint venture planned by the two companies and VW’s minority stake in Rivian have been given the all-clear, the authority said.
“There is no cause for concern here due to the project, nor are there any other serious competition problems to be feared,” said the cartel office president, Andreas Mundt, according to the press release.
The cooperation announced in June involves software, control computers and network architecture.
New VW cars are to be based on Rivian’s technology and software in the second half of the decade.
This is exciting! Volkswagen Group CEO Oliver Blume and I are thrilled to announce the formation of a joint venture between our two companies. This partnership brings Rivian’s software and zonal electronics platform to a broader market through Volkswagen Group’s global reach and… pic.twitter.com/11XVNUo89J — RJ Scaringe (@RJScaringe) June 25, 2024
VW has been struggling for years with problems in its in-house software development for electric cars, which has delayed some model launches.
This partnership seeks to accelerate VW’s software development.
Volkswagen, Europe’s largest carmaker, plans to spend up to $5 billion on the project.
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