Rivian Shares Surge 28% On $5 Billion Volkswagen Investment—On Track For EV Maker’s Best Day Ever

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Ty Roush is a New York City-based breaking news reporter who frequently covers Russia’s invasion of Ukraine, the automotive industry and sports money. He joined Forbes in 2022 and has covered Exxon acquiring Pioneer for nearly $60 billion, a mysterious respiratory illness affecting dogs across the U.S.

Daily Multivitamin Use In Healthy Adults Doesn’t Decrease Risk Of Death, Study Suggests: What To Know About Pros And Cons Of MultivitaminsShares for Rivian rose by over 28% on Wednesday, putting the electric vehicle maker on track for its largest single-day gain ever, after the company announced a joint venture with Volkswagen that includes an investment of up to $5 billion.Rivian shares jumped to more than $15 as of around 10:45 a.m.

Prior to Wednesday, the largest single-day gain for Rivian came on Nov. 11, 2021, when shares rose by over 22% on the stock’s opening day.the company would invest $1 billion in Rivian before additional investments of up to $4 billion through 2026 if the partnership achieves unspecified technical milestones.

Blume said the joint venture—which has not been named—will integrate news and entertainment media, wireless connectivity and autonomous driving functions, among other things.We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines.

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Volkswagen's $5 billion investment in Rivian boosts EV maker's sharesVolkswagen's $5 billion investment in Rivian boosts EV maker's shares
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