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Rivian shares surge after Volkswagen agrees to $5bn investment

New, equally controlled joint venture will share electric vehicle architecture and software, companies said

Shares in Rivian surged after Volkswagen Group, the German automotive giant, agreed to invest up to $5bn in the Amazon-backed electric carmaker.

Volkswagen will initially invest $1bn as part of a partnership with Rivian to form a new, equally controlled joint venture to share electric vehicle architecture and software, the companies said on Tuesday.

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