Rivian’s (RIVN, Financial) shares soared 16% on Wednesday after the company announced plans to form a deeper partnership with Volkswagen (VWAGY, Financial). Volkswagen intends to raise its stake in the joint venture with Rivan and take its total investment up to $5.8 billion from $5 billion.
Rivian shares jumps 16% as Volkswagen Boosts Investment in Expanded EV Partnership
“We are happy to see our technology integrated into vehicles outside our brand and are excited about the future,” Rivan’s CEO said in a statement.
The initial part of this EV venture was announced in June 2024. It uses Rivian’s original zonal architecture and software layers, both core elements for the upcoming midsize R2 SUV, due in early 2026.
In the next phase, Rivian’s technology will be integrated into Volkswagen vehicles, and this may potentially be seen at VW as early as a second-generation…
