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Rivian Automotive Inc (NASDAQ:RIVN) shares are surging in Tuesday’s after-hours session following reports that Volkswagen plans to invest $5 billion into the company as part of an electric vehicle joint venture.
What To Know: According to a Bloomberg report released after the market close on Tuesday, German automaker Volkswagen plans to make a $5 billion investment in Rivian to form a joint venture with the EV maker.
Volkswagen reportedly said it will invest $1 billion right away and pump an additional $4 billion into the company over time. The joint venture will be focused on developing next generation battery-powered vehicles and is expected to be equally controlled and owned by the two companies.
"Through our cooperation, we will bring the best solutions to our vehicles faster and at lower cost," said Oliver Blume, CEO of Volkswagen. "We are strengthening our technology profile and our competitiveness."
Rivian shares are soaring following the report, adding to gains from the regular session driven by positive analyst coverage from Guggenheim. Analyst Ronald Jewsikow put a Buy rating on Rivian stock and set a price target of $18, noting that he expects Rivian to emerge from the EV winter as a market leader.
"While EV sentiment remains negative, we believe RIVN is uniquely positioned to demonstrate to a growing share of younger, digitally oriented consumers that EVs are not only cleaner and greener, but can deliver a superior product compared to ICE vehicles enabled by software, technology and thoughtful design elements," Jewsikow said in a note to clients on Tuesday.
Don’t Miss: Rivian Stock Puts Pedal To Floor As Analyst Compares EV Brand Power To Tesla
RIVN Price Action: Rivian shares closed Tuesday up 8.63%. The stock was up another 44.57% after hours, trading at $17.26 at the time of publication, according to Benzinga Pro.
Photo: Courtesy of Rivian.
Posted In: RIVN
