RIVN - Nio Stock Is Rising Wednesday: What's Going On? | Benzinga
NIO Inc (NYSE:NIO) shares are trading higher Wednesday. The stock appears to be getting a lift amid strength in EV stocks, driven by a major pop in shares of Rivian Automotive Inc (NASDAQ:RIVN) after the company announced plans to form an equally controlled and owned joint venture with Volkswagen.
What Happened With RIVN: Rivian shares ripped higher late Tuesday after the company announced a $5 billion investment from Volkswagen. The stock has pulled back a bit in Wednesday’s session, but was still up approximately 21% on the day at last check, per Benzinga Pro.
Volkswagen will initially invest $1 billion in Rivian through an unsecured convertible note. The German automaker is expected to invest an additional $4 ...