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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.
(Reuters) -Shares of Rivian jumped over 15% on Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.
The new agreement sees Volkswagen invest $5.8 billion in Rivian as part of a 50 percent stake in the joint venture focused on developing vehicle software.
Analysts see the joint venture between VW and Rivian as shoring up many concerns about the U.S. EV maker's challenges. Rivian gets big boost from $5.8 billion Volkswagen investment in joint ...
Shares of Rivian soared 40% before markets opened Wednesday after Volkswagen vowed to invest $1 billion in the struggling electric vehicle maker immediately, and a potential total of up to $5 ...
The German automaker agreed in November to invest $5.8 billion in the joint venture, which will integrate advanced electrical infrastructure and Rivian's software technology for both companies ...
Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion.
Irvine-based Rivian got a big boost: Volkswagen agreed to invest up to $5 billion in a joint venture with the struggling maker of electric trucks.