VW to Pay Rivian $1 Billion as Part of EV Partnership: DPA (1)

Volkswagen AG is injecting $1 billion into its partnership with Rivian Automotive Inc. after the US automaker hit previously agreed milestones, German news agency DPA reported.

The payment, expected for Monday, will increase the German automaker’s stake in Rivian, DPA said. It’s part of an existing pledge by VW to invest as much as $5.8 billion in the electric-vehicle startup.

VW is relying on Rivian for assistance to develop a next-generation EV and software architecture that its initial battery-powered vehicles have been missing. The first model to get the new technology will be the ID. EVERY1, a compact ...