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.

Rivian Automotive Inc. and Volkswagen have launched their upsized joint venture, joining forces with the goal of creating “cutting-edge” electric-vehicle technology.

Shares of Rivian jumped over 13% in premarket trading Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture. The investment boost comes at a crucial time for Rivian,

Shares of Rivian Automotive (NASDAQ: RIVN) were still surging on Wednesday afternoon, after the company announced the closing of a deal with Volkswagen that could be worth well over $5 billion to the electric vehicle (EV) maker.

Analysts see the joint venture between VW and Rivian as shoring up many concerns about the U.S. EV maker's challenges.

Volkswagen and Rivian have officially announced a joint venture, “Rivian and VW Group Technology, LLC,” that will kick off on November 13th. The collaboration, which will be led by Rivian software chief Wassym Bensaid and VW Group chief technology engineer Carsten Helbing,

Rivian Automotive (RIVN) surges on joint venture details with Volkswagen Group (VLKAF) and optimistic analyst forecasts for future growth.

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.