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EV Stocks in Play - Rivian Automotive (NASDAQ: RIVN) Stock Soars on Volkswagen Joint Venture Deal

 

June 26, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, reports on trading for Rivian Automotive (NASDAQ: RIVN), an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories.

Rivian is trading at $15.52, gaining $3.56, up 29.72%, with a morning high of $16.35 on volume of over 146 Million shares.

Rivian and Volkswagen Group (XETRA: VOW / VOW3) have today announced their intention to form an equally controlled and owned joint venture (JV) to create next-generation electrical architecture and best-in-class software technology.

The partnership is anticipated to accelerate the development of software for Rivian and Volkswagen Group. It is expected to allow both companies to combine their complementary strengths and lower cost per vehicle by increasing scale and speeding up innovation globally. Rivian's proven in-market zonal hardware design and integrated technology platform are expected to serve as the foundation for future SDV development in the JV that will be applied to both companies' vehicles. Rivian plans to contribute its electrical architecture expertise and is expected to license existing intellectual property rights to the joint venture.

Both companies aim to launch vehicles benefiting from the technology created within the joint venture in the second half of the decade. In the short term, the joint venture is expected to enable Volkswagen Group to utilize Rivian's existing electrical architecture and software platform. The partnership's ambition is to accelerate Volkswagen Group's SDV plans and transition to a pure zonal architecture. Each company will continue to separately operate their respective vehicle businesses.

Recent News:
https://finance.yahoo.com/news/rivian-volkswagen-group-announce-plans-201900438.html

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