Rivian shares soar 30% after Volkswagen takes $1 billion stake
Posted: Jun 25, 2024
- Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion. - Additional $4 billion expected to be invested following the establishment of a joint venture. - Rivian shares soared over 30% in after-hours trading following the announcement. - Ford Motor was among Rivian's largest stakeholders, with Amazon, when Rivian went public in 2021. - Rivian reported a loss of $1.45 billion in the first quarter of the year and has been on a cost-cutting mission.
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