Rivian Automotive Stock News

VW increased its planned investment for a joint venture with EV startup Rivian to $5.8 billion as the companies have broader aspirations than initially announced for the operations. VW's capital to Rivian isn't guaranteed, and neither is the success of the joint venture.

The share price of electric vehicle startup Rivian (NASDAQ: RIVN) is showing strength as investors react positively to news of a significant investment in the struggling firm.

Rivian Automotive Inc (NASDAQ: RIVN) is up more than 13% in premarket this morning after Volkswagen Group (ETR: VOW3) increased its planned investment in the electric vehicle maker to $5.8 billion. Volkswagen was originally expected to spend up to $5 billion to set up a joint venture with Rivian.

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Shares of Rivian jumped over 13% in premarket trading Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.

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Rivian predicted it would turn gross-margin-positive next quarter.

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