Rivian & Volkswagen JV Gets Green Light in Germany
Rivian and Volkswagen's joint venture is taking a step forward. Germany's Federal Cartel Office (AKA Bundeskartellamt) recently approved Rivian and Volkswagen's joint venture.
According to the President of Bundeskartellamt, Andreas Mundt, Rivian and Volkswagen's joint venture is "not expected to significantly impede effective competition."
The Bundeskartellamt is a vital competition authority in Germany. It is a higher federal authority under the Federal Ministry for Economic Affairs and Climate Action. The German authority's main task is to protect competition in Germany.
The Bundeskartellamt stated that its approval applies "regardless of whether the relevant market is considered to consist of the E/E architecture as a whole or of various sub-systems and sub-services. There will still be a sufficient range of services available to car manufacturers to build E/E architectures."
RIVN stocks rose after receiving approval from Bundeskartellamt. Besides approving its joint venture with the German automaker, the Federal Cartel Office also approved Volkswagen's billion-dollar investment in the U.S. automaker.
Last month, Volkswagen announced an investment of up to $5 billion in Rivian and plans for a joint venture with the North American company. The joint venture focuses on software-defined vehicle platforms, which would significantly help VW. Volkswagen and Rivian aim to begin operations for its joint venture in the fourth quarter of this year.
"As cars become increasingly digital and connected, the question of the right system architecture is nothing less than a key competition parameter," noted Bundeskartellamt President Mundt.
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