Rivian shares soar on massive cash injection from Volkswagen, starting immediately with $1 billion

Shares of Rivian are soaring before the opening bell after Volkswagen agreed to invest $1 billion in the electric vehicle maker immediately and a potential total of up to $5 billion as part of a software development agreement. Rivian’s stock jumped nearly 40% in premarket trading Wednesay. The joint venture, which will be equally controlled and owned, will focus on creating next-generation electrical architecture and best-in-class software technology.