The German car giant Volkswagen is investing a billion dollars in the American electric car manufacturer Rivian, according to reports from media outlets in the USA.
The two companies are also planning to form a jointly owned company, something that could mean the investment increases to five billion dollars by 2026.
The deal was announced after the New York Stock Exchange closed. Rivian's share price surged in after-hours trading and was up around 35 per cent after half an hour.
