Reported 11 days ago
Rivian's stock rose over 15% following the announcement of a $5.8 billion investment from Volkswagen, aimed at enhancing their joint venture focused on electric vehicle technology. This strategic funding arrives as Rivian seeks to improve profitability and expand its offerings with an affordable R2 SUV amidst ongoing challenges like parts shortages and increasing competition in the EV market. The partnership is expected to alleviate some capital concerns for Rivian and position it favorably against rivals, despite uncertainties in U.S. EV policy.
Source: YAHOO