Rivian jumps on Volkswagen's $5 billion 'vote of confidence' investment

📆 26/06/2024 12:59:00
📰 YahooFinanceCA

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Rivian Automotive Nouvelles

Volkswagen,Electric Vehicles,Vote Of Confidence

The investment will also bolster Rivian's depleting cash reserves, further its target of becoming profitable on a gross margin basis later this year and help...

- Rivian Automotive surged 36% premarket on Wednesday after a $5 billion investment from Volkswagen offered the loss-making startup more firepower to scale production in a slowing electric-vehicle market.

"It's a big vote of confidence in the EV maker's prospects," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. It had scrapped previous deals to make electric vehicles and commercial vans under separate joint ventures with Detroit automaker Ford in 2021 and Mercedes Benz in 2022.

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Rivian stock jumps on $5B Volkswagen investmentShares of Rivian Automotive (RIVN) jumped following the market close on Tuesday after Volkswagen (VWAGY, VOW.DE) announced it would invest up to $5 billion...
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