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

The companies said the deal is now up to $5.8 billion, with the first VW models to use Rivian's software and electrical architecture arriving as early as 2027.

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.

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

Electric vehicle manufacturer Rivian Automotive and the Volkswagen Group are partnering up in a nearly $6 billion deal to create a new technology company.

The new agreement, which builds on an earlier announcement, calls for the German automaker to invest $5.8 billion in Rivian, a maker of electric vehicles.

Rivian and Volkswagen Group have finalized a multi-billion-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’s new commitment to their deal with Rivian is a hit on Wall Street. Rivian stocks jumped Wednesday afternoon after their announced an expansion of their partnership with Volkswagen. VW is investing in their attempts to build EVs in Georgia.

Rivian and Volkswagen made their joint venture official, with the German carmaker pledging a $5.8 investment in Rivian and 75% in shared development expenses

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,