Rivian Shares Soar After Volkswagen Invests $1 Billion
Bullish News Sparks EV-Maker's Rise in After-Hours Trading
Get the Latest Rivian Automotive Inc. RIVN Stock News, Headlines, and Stock Performance
Rivian Automotive Inc. (RIVN) shares surged in extended hours after the electric vehicle maker announced a joint venture deal with Volkswagen. The $1 billion investment from Volkswagen is seen as a major endorsement of Rivian's technology and long-term prospects.
Shares of Rivian soared 30% in after-market trading following the news. The investment from Volkswagen will help Rivian scale up its production capacity and accelerate the development of new electric vehicles.
Rivian's stock has been on a rollercoaster ride since it went public in November 2021. The company's shares initially soared, but have since pulled back amid concerns about competition and production delays. However, the latest news from Volkswagen has boosted investor confidence in Rivian's long-term prospects.
Comments