German car making giant Volkswagen (VW) says it has plans to invest up to $5bn in Tesla rival Rivian, to create a joint venture that will allow both companies share expertise.
This news triggered the market, and Rivian shares jumped by almost 50% following the announcement.
Under the agreement, VW said it will initially invest $1bn in the electric truck and SUV maker, with another $4bn to be put into the company by 2026.
Founded in 2009, Rivian has not yet posted a quarterly profit. In the first three months of 2024 the company saw a net loss of more than $1.4bn.
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The partnership will give VW immediate access to Rivian's software allowing the German car maker to use it in its cars.
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