Rivian stock soars 37% after it strikes $5 billion deal with Volkswagen
Rivian R1T seen at the New York International Auto Show at the Jacob K. Javits Convention Center in New York.
Michael Brochstein/SOPA Images/LightRocket via Getty Images
- Rivian stock surged 37% after it secured a $5 billion deal with Volkswagen.
- The companies will form a joint-venture to develop next-gen vehicle software and electrical architecture.
- Volkswagen's investment secures Rivian's capital needs ahead of its new R2 and R3 vehicle launches.
Rivian stock...
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