Shares of Rivian are soaring before the opening bell after Volkswagen agreed to invest $1 billion in the electric vehicle maker immediately and a potential total of up to $5 billion as part of a software development agreement
FILE- Rivian chargers sit Monday, March 4, 2024, in Charlotte, N.C. Shares of Rivian are soaring before the market open on Wednesday as Volkswagen has agreed to invest up to $5 billion in a new joint venture with the electric vehicle maker. Rivian's stock jumped more than 33% in premarket trading.
“Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group’s global reach, but this partnership also is expected to help secure our capital needs for substantial growth,” Rivian founder and CEO RJ Scaringe said in a prepared statement.
Vehicles using the technology produced by the joint venture, first announced late Tuesday, are expected to be launched in the second half of the decade.in 2021 as company shares spiked 53% and its market value neared $86 billion, greater than that of Ford and just below General Motors. But Rivian has yet to turn a profit, and its stock has fallen from its lofty highs of a few years ago. To conserve cash, Rivian pausedon a $5 billion electric truck plant in Georgia. Rivian said in March that there was no timetable for restarting work on the plant.
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