The two companies will also form a joint venture to develop an automotive software platform.
Topline
Shares for Rivian rose by over 28% on Wednesday, putting the electric vehicle maker on track for its largest single-day gain ever, after the company announced a joint venture with Volkswagen that includes an investment of up to $5 billion.Key Facts
Rivian shares jumped to more than $15 as of around 10:45 a.m. Wednesday following earlier surges in extended and premarket trading, increasing the company’s market cap from $11.9 billion to over $15 billion.
Prior to Wednesday, the largest single-day gain for Rivian came on Nov. 11, 2021, when shares rose by over 22% on the stock’s opening day.
Rivian and Volkswagen said Tuesday they agreed to form a joint venture, which will develop an automotive software platform based on Rivian’s technology.
