Shares of Rivian jumped over 15% on Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.

Volkswagen will invest up to $5.8 billion in Rivian stock and a joint venture—up from a $5 billion deal value envisaged when the collaboration was announced in June. Rivian stoc

(Reuters) -Shares of Rivian jumped over 15% on Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture. The investment boost comes at a crucial time for Rivian,

Rivian has closed a deal with Volkswagen that could be worth up to $5.8 billion over the next several years. The two automakers will form a joint venture to develop and produce Rivian's next-generation EV platform technology.

The joint venture targets Rivian’s existing electrical architecture and software technology stack, enabling the launch of Rivian’s R2 model in the first half of 2026, the companies said.

Volkswagen Group raised its investment in Rivian by 16% to $5.8 billion and the two companies said on Tuesday they were launching their previously announced joint venture to develop electric vehicle architecture and software.

Shares of Rivian Automotive (NASDAQ: RIVN) were still surging on Wednesday afternoon, after the company announced the closing of a deal with Volkswagen that could be worth well over $5 billion to the electric vehicle (EV) maker.