Stock Track | Rivian Soars 5.06% as Volkswagen Boosts Potential Investment After Finalizing Joint Venture

Stock Track11-19

Shares of electric vehicle (EV) maker Rivian Automotive, Inc. (RIVN) surged 5.06% in intraday trading on Monday, following news that Volkswagen has increased its potential investment in the company after the two officially formed their joint venture (JV).

Volkswagen originally announced plans to invest up to $5 billion in Rivian and form a JV back in June. However, with the JV now finalized, the German automaker has upped its potential investment to $5.8 billion.

As part of the JV agreement, Rivian will receive $1.3 billion in cash for its contribution to the 50/50 JV, which aims to develop next-generation electrical/electronic (E/E) architecture for EVs. Rivian will contribute its expertise and licenses for its electronic architecture, including its new zonal hardware design that helps reduce costs and facilitates software updates.

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