From Yahoo Finance: 2024-06-25 17:09:21

Rivian shares soar over 40% in after-hours trading following joint venture deal with Volkswagen, bringing $5 billion in fresh capital to Rivian’s coffers. The partnership will focus on software-defined vehicle architectures for future EVs using Rivian’s platform and electrical expertise. This investment alleviates concerns over Rivian’s cash runway as it prepares to release the R2 and R3 mass-market SUVs. Additionally, Rivian is improving cost structures and production processes at its Illinois plant. Volkswagen Group CEO and Rivian CEO both express enthusiasm for the collaboration that leverages Rivian’s technology and Volkswagen’s global reach.



Read more at Yahoo Finance: Rivian stock soars as Volkswagen says it will invest up to $5 billion in new joint venture