RIVN - Rivian Surges On Miracle Deal
2024-06-25 23:50:00 ET
Summary
- Rivian Automotive shares surged after Volkswagen Group announced a $5 billion investment in the company through a joint venture.
- The investment will be made over time, with the first $1 billion installment expected in the final quarter of this year.
- The joint venture aims to develop next-generation electrical architecture and software technologies, with a focus on cost savings and customer appeal.
- This will help the firm significantly, but it does not change the fact that the company faces real challenges moving forward.
June 25th ended up being a really remarkable day for shareholders of electric vehicle manufacturer Rivian Automotive ( RIVN ). Shares of the company closed up 8.6%. But that was only the start of the move higher. After the market closed, the stock skyrocketed nearly 50%. This was in response to news that Volkswagen Group ( OTCPK:VWAGY ) ( OTCPK:VLKAF ) ( OTCPK:VWAPY ) is going to be making a massive investment in the company, both directly and by means of a joint venture. The investment comes out to $5 billion between now and the end of 2026....
Rivian Surges On Miracle Deal