A VW Golf GTI stands in a car park within sight of the brand tower on the grounds of the VW plant in Wolfsburg. The German Federal Cartel Office said it has approved plans by carmaker Volkswagen to buy a stake in US electric car manufacturer Rivian. (dpa/picture alliance/Julian Stratenschulte)
The German Federal Cartel Office said it has approved plans by carmaker Volkswagen to buy a stake in US electric car manufacturer Rivian. 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.
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 car maker, plans to spend up to $5 billion on the project.
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