Rivian said it has closed a major deal with Volkswagen that could be worth $5.8 billion by 2028. As of 1:30 p.m. ET, Rivian's shares were up about 18.3% from Tuesday's closing price. A deal that should greatly ease Rivian investors' minds Under the deal ...

Rivian Automotive Inc. and Volkswagen have launched their upsized joint venture, joining forces with the goal of creating “cutting-edge” electric-vehicle technology.

The joint venture targets Rivian’s existing electrical architecture and software technology stack, enabling the launch of Rivian’s R2 model in the first half of 2026, the companies said.

Volkswagen Group raised its investment in Rivian by 16% to $5.8 billion, the two automakers said on Tuesday, as the companies kick off their planned joint venture to develop electric vehicle architecture and software.