Rivian soars as Volkswagen plows $5B into struggling EV maker: 'Game changer'

Electric car maker Rivian’s shares soared 28% Wednesday after Volkswagen revealed it would invest up to $5 billion to jumpstart the Tesla rival’s growth.

The deal was seen as a much-needed boost for Rivian, which has burned through cash and taken heavy financial losses while ramping up production“Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group’s global reach, but this partnership also is expected to help secure our capital needs for substantial growth,” Rivian founder and CEO RJ Scaringe said in a statement.

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