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Rivian-VW Deal Boosted to $5.8B

Rivian shares soar 20%

Rivian Automotive and Volkswagen Group today announced the official start of their joint venture, boosting the latter’s investment by $800 million to $5.8 billion.
Shares of the Irvine-based electric vehicle maker soared 20% to $12.68 and a $12.9 billion market cap (Nasdaq: RIVN).  Volkswagen shares fell 3.2% to 81.20 euros on the German stock exchange (XETRA: VOW3).
The joint venture will be led by Wassym Bensaid of Rivian and Carsten Helbing of the Volkswagen Group.
“The partnership with Rivian is the next logical step in strengthening our global competitive and technological position,” said Oliver Blume, chief executive of the Volkswagen Group.
Rivian will supply Volkswagen vehicles with the newest technology, such as the ability to update software over the air and not be forced to visit mechanics.
Volkswagen’s cash will help Rivian scale its production and give it access to its worldwide distribution network.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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