Rivian Stock Races Higher After The Bell: What's Going On?
Volkswagen to Invest $5.8 Billion in EV JV With Rivian Automotive
Rivian Stock Jumps. The EV Maker Is Getting More Cash From Volkswagen. -- Barrons.com
Buy if you can't beat it! Volkswagen invests a huge $5.8 billion in the electric vehicle newcomer Rivian.
Volkswagen is already lagging behind in the transition to electric cars and losing to Chinese new forces in key Asian markets. Electric car startup Rivian is an important step in Volkswagen's self-rescue plan - the two companies will cooperate to establish a joint venture to support Volkswagen's first new electric vehicle model in collaboration with Rivian, which is expected to be launched as early as 2027.
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Volkswagen's investment in Tesla's competitor Rivian has increased to $5.8 billion.
Volkswagen Group announced on Tuesday that it plans to increase its investment in Rivian, a local auto manufacturer in the usa, by 16% to $5.8 billion, while the two companies have also launched a planned joint venture to develop electric vehicle architecture and software. Boosted by this news, Rivian's stocks rose nearly 9% after the market closed on Tuesday. The two companies stated in June that Volkswagen would invest $5 billion in Rivian, providing a lifeline for the struggling electric car startup. In the face of high borrowing costs and a slowdown in electric vehicle demand, Rivian is preparing to launch a smaller, cheaper model called R2.
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