From Investing.com: 2024-06-25 16:28:44

Volkswagen announces a strategic partnership with Rivian Automotive with plans for a joint venture in electric vehicle architecture and software. The investment could reach $5 billion by 2026, boosting Rivian’s shares by 36.3% in after-hours trading. Volkswagen’s first investment will be $1 billion, with the potential for an additional $4 billion if successful. However, the joint venture’s establishment is pending, subject to technical feasibility reviews, negotiations, and regulatory approvals. Volkswagen’s financial forecast for 2024 is revised due to the proposed transaction, with expected cash outflows and net cash flow projections adjusted accordingly.



Read more at Investing.com: Rivian stock surges 36% after announcing $5 billion joint venture with Volkswagen By Investing.com