Reported 11 days ago
Rivian's stock skyrocketed 16% following the announcement of an expanded joint venture with Volkswagen, which will invest an additional $800 million, raising its total commitment to $5.8 billion. The partnership aims to leverage Rivian's electrical architecture for the development of upcoming EVs, including the R2 SUV slated for 2026 and new Volkswagen models as early as 2027. Despite challenges in production and a projected loss for the year, Rivian's outlook remains positive with expectations for modest profits in Q4.
Source: YAHOO