Shares of US rival Tesla soared 29% following news of Volkswagen’s multibillion-dollar investment. The automaker plans to invest up to $5 billion in Rivian and create a joint venture. Rivian went public in 2021, the company is still operating at a loss.
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Shares of electric vehicle maker Rivian on the Nasdaq stock market soared following news that Volkswagen was investing several billion dollars in the company. The growth in the value of Rivian shares is evidenced by data from the trading platform.
According to current data at the time of this publication, Rivian shares are rising in price by 29%. At its peak, quotes rose by 50%, but the growth stabilized during the trading session.
Volkswagen announced a $5 billion investment in Rivian on June 26. $1 billion has already been invested and Rivian will receive the rest of the funds equally in 2025 and 2026. Additionally, Volkswagen and Rivian will create a joint venture to develop software for electric vehicles.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
