German automaker Volkswagen has announced plans to invest up to $5 billion in electric vehicle startup Rivian in a joint venture aimed at developing next-generation electric architecture and software technology. The partnership will see Volkswagen injecting $1 billion into Rivian this year, with an additional $4 billion expected by 2026. Both companies will have equal ownership and control over the joint venture, which is set to be fully formed by the end of the year. Rivian, known for its R1T pickup and R1S SUV, is also working on new platforms to bring to market. The collaboration will allow Volkswagen to access Rivian's existing electrical architecture and software platform, accelerating its own software-defined vehicle and technology plans. The news has driven Rivian's shares up by more than 25%, demonstrating confidence in the future of the partnership.