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Rivian Enters $5B Joint Venture with Volkswagen

Rivian is receiving $5 billion from Volkswagen in a new joint venture. Volkswagen is placing a $1 billion stake now and will invest another $4 billion down the road. 

Rivian stock increased 50% after hours following the announcement. This recaptured roughly half of the stock’s year-to-date losses.

This is a strategic move for VW as it seeks to strengthen its presence in the EV market. Rivian will benefit from VW’s extensive resources and manufacturing expertise, as well as the much needed lifeline amid recent financial struggles. 

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