Enlarge (credit: Rivian) Volkswagen is committing $5 billion to upstart EV company Rivian, with $1 billion in cash upfront and $4 billion over time. The companies aim to use this joint venture to deliver new vehicles "in the second half of the decade," according to the announcement, and the cash will likely help push along Rivian's next generation of vehicles, including more affordable models. Oliver Blume, left, CEO of Volkswagen Group, and RJ Scaringe, founder and CEO of Rivian.