Rivian’s Market Value Increases to USD 6 Billion, Share Price Jumps 50% After It Announces Joint Venture With Volkswagen Group
Volkswagen Group and Rivian EV announced a joint venture to bring new advancements to a broader market. The collaboration aims to bring Rivian’s software and zonal electronics platform to a larger audience through Volkswagen Group’s global reach and scale. The VW Group is expected to invest $5 billion in Rivian, bringing the R2 and next-gen vehicles to the market. According to a report by Mint, Rivian’s share price jumped 49.9% (around 50%) to $17.93 during after-hour trading due to this announcement. The market value of Rivian also increased by $6 billion. EV Motorcycle Company Silveline Power Signs USD 135 Million Deal With SRAM & MRAM Group for EV Green Energy.
Rivian and Volkswagen Group Partnership Announcement:
This is exciting! Volkswagen Group CEO Oliver Blume and I are thrilled to announce the formation of a joint venture between our two companies. This partnership brings Rivian’s software and zonal electronics platform to a broader market through Volkswagen Group’s global reach and… pic.twitter.com/11XVNUo89J
— RJ Scaringe (@RJScaringe) June 25, 2024
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