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Volkswagen will initially invest $1bn as part of a partnership with Rivian to form a new, equally controlled joint venture to share electric vehicle architecture and software, the companies said on Tuesday.
On Wall Street, shares in Rivian's stock jumped 33% when trading began yesterday after the announcement.
The deal is a significant win for the US carmaker, which is grappling with steep losses as it attempts to ramp up production.
This story is from the June 27, 2024 edition of The Guardian.
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This story is from the June 27, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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