Rivian surges by over 42% in pre-market

US electric car manufacturer's $Rivian Automotive(RIVN.US)$ It surged more than 42% in the pre-market to $16.99.

Rivian and $VOLKSWAGEN A G(VWAGY.US)$ has announced plans to establish a joint venture. In addition to using Rivian technology for its own electric vehicles, VW will cooperate with Rivian to develop “next generation” electric vehicles and software. In a telephone conference after the announcement, Rivian CEO RJ Scalinge stated that VW's support would help Rivian advance plans to build a new plant in Georgia.