The joint venture deal was initially announced in June and came as Rivian sought to raise additional capital as it launches its redesigned models and prepares for production of new "R2" vehicles in early 2026.

Scaringe previously said the capital from VW is expected to carry the company through the production ramp-up of its smaller R2 SUVs at its plant in Normal, Illinois, starting in 2026, as well as production of a midsize EV platform at a plant in Georgia, where Rivian paused construction earlier this year.