Volkswagen to Invest Up to $5 Billion in EV Maker Rivian as Part of Tech Joint Ventur

AUTOMOTIVE - SAN FRANCISCO. German automaker Volkswagen Group will invest up to $5 billion in U.S. electric-vehicle maker Rivian as part of a new, equally controlled joint venture to share EV architecture and software, the companies said on Tuesday.

Shares of Rivian surged 30% in extended Nasdaq trade after the announcement, boosting the company's stock market value by more than $3 billion.