Electric vehicle manufacturer Rivian Automotive and the Volkswagen Group are partnering up in a nearly $6 billion deal to create a new technology company.

The announcement lifts the veil on one of the largest automotive deals this year, providing more details on its goals, leadership and financial structure.

Analysts see the joint venture between VW and Rivian as shoring up many concerns about the U.S. EV maker's challenges.

Volkswagen and Rivian have officially announced a joint venture, “Rivian and VW Group Technology, LLC,” that will kick off on November 13th. The collaboration, which will be led by Rivian software chief Wassym Bensaid and VW Group chief technology engineer Carsten Helbing,

Volkswagen will invest up to $5.8bn into Rivian as part of a new joint venture that’ll see them both working extremely closely on their future electric cars. In short, it means Rivian can get a boatload of cash and Volkswagen’s scale to launch and evolve the R2 (pictured above) and other models.

Electric vehicle (EV) maker Rivian (NASDAQ: RIVN) said late Tuesday that it closed a hugely important deal, in which giant Volkswagen (OTC: VWAGY) will invest billions in the California-based upstart.