Rivian’s Market Value Increases to USD 6 Billion, Share Price Jumps 50% After It Announces Joint Venture With Volkswagen Group
US-based EV maker Rivian witnessed an increase of up to 50% in its share market and its market value reached to $6 billion as it announced a joint venture with Germany's Volkswagen Group.
Volkswagen Group and Rivian EV announced a joint venture to bring new advancements to a broader market. The collaboration aims to bring Rivian's software and zonal electronics platform to a larger audience through Volkswagen Group's global reach and scale. The VW Group is expected to invest $5 billion in Rivian, bringing the R2 and next-gen vehicles to the market. According to a report by Mint, Rivian's share price jumped 49.9% (around 50%) to $17.93 during after-hour trading due to this announcement. The market value of Rivian also increased by $6 billion. EV Motorcycle Company Silveline Power Signs USD 135 Million Deal With SRAM & MRAM Group for EV Green Energy.
Rivian and Volkswagen Group Partnership Announcement:
(SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user's social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.)