Rivian and Volkswagen Group have finalized a multibillion-dollar joint venture to develop software, paving the way to let the German auto giant leverage the EV startup’s more technical chops in the coming years. Volkswagen will invest up to $5.8 billion by 2027, about 16% more than when the deal was first announced in June.

Last June, VW said it would invest $5 billion in Rivian as part of a new joint venture that’s focused on developing a new electrical architecture and vehicle software for future models, including subcompact cars, with the first planned for 2027. The investment size has now increased to $5.8 billion.

Shares of Rivian jumped over 15% after the EV 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.

Rivian and Volkswagen Group launched on Tuesday the joint venture they had announced in June, valued at $5.8 billion, to share software and electric vehicle architecture. The joint venture aims to integrate advanced electrical infrastructure and Rivian's software technology for future electric vehicles of both companies,

Volkswagen will invest up to $5.8 billion in Rivian stock and a joint venture—up from a $5 billion deal value envisaged when the collaboration was announced in June. Rivian stoc

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,