This was exactly what Rivian (RIVN) shareholders needed to hear.
Rivian and Volkswagen to form joint venture for platform, software, electrical architecture technology. Volkswagen will immediately invest $1 billion forconvertible note. Rivian will supply IP licenses to the joint venture. Up to $5 billion in funding will give Rivian the ability to ramp up production on R2, R3 SUVs. This was exactly what Rivian shareholders needed to hear.
stock up as much as 36% on Wednesday morning, but many shareholders took the opportunityto take profits after the stock had fallen some 50% this year up to that point. Rivian stock news Though the partnership is headlined as a joint venture, the deal basically gives Volkswagen access to Rivian intellectual property for the price of $5 billion. This helped the market more richly value Rivian since it is being courted by the second-largest automaker in the world.
stock rose in the late afternoon after reaching a daily low of $14.17. It's a good sign that shares of EV automaker gained toward the end of the session. This means there might be further buying in Thursday's session as well. The price dynamics tell us that the day's news was no flash in the pan. The closing price is in line with support from February near $14.70. Unfortunately, Rivians stock closed below the support band range from $15.00 to $15.
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