Rivian Stock Soars After JV Deal with Volkswagen

Rivian's Stock Surges

Rivian Automotive Inc. (RIVN) stock surged 37% on Wednesday, February 15, 2023, after the electric vehicle (EV) maker announced a joint venture deal with Volkswagen.

Key Deal Highlights

The partnership, valued at $5 billion, will focus on developing electric vans and commercial vehicles. The joint venture is expected to leverage Rivian's expertise in EV technology and Volkswagen's vast manufacturing capabilities.

The deal marks a significant milestone for Rivian, as it represents its first major collaboration with an established automaker.

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