VW increased its planned investment for a joint venture with EV startup Rivian to $5.8 billion as the companies have broader aspirations than initially announced for the operations. VW's capital to Rivian isn't guaranteed,

Volkswagen has increased its planned investment in the electric automaker Rivian through a joint venture that officially launches Wednesday. The first Volkswagen models made with Rivian’s technology are expected to launch in 2027.

Shares of Rivian jumped over 15% on Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.