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flag Volkswagen invests $5B in Rivian, forming a joint venture for EV technology and development.

flag Volkswagen is investing $5 billion into electric vehicle maker Rivian, forming a joint venture to share EV architecture and software. flag The companies will develop "next generation" battery-powered vehicles and software. flag Rivian's shares surged by more than 50% in after-market trading after the announcement. flag The strategic tie-up provides Rivian with a much-needed source of fresh capital and helps Volkswagen gain access to Rivian's technology.

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