(MENAFN - Investor Ideas) Investorideas , a go-to platform for big investing ideas, including EV stocks reports on trading and news for Rivian Automotive, Inc. (NASDAQ:RIVN ), an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories.

Rivian's stock is trending today currently trading at $12.49, up 1.91, gaining 18.03%. The stock has traded over 93 Million shares as of this report and has a day's high of $13.10.

Today Rivian Automotive (NASDAQ: RIVN) and Volkswagen Group (XETRA: VOW / VOW3) entered into a transaction agreement to create their new joint venture (JV) - "Rivian and VW Group Technology, LLC", known as Rivian and Volkswagen Group Technologies - with a total deal size of up to $5.8 billion, which is expected to start on November 13. Through this JV, the companies plan to bring next-generation electrical architecture and best-in-class software technology for both companies' future electric vehicles, covering all relevant vehicle segments, including subcompact cars. It is highly complementary reflecting Rivian's industry-leading software and electrical hardware technology as well as Volkswagen Group's significant global scale and industry-leading vehicle platform competencies.

The joint venture will be headed by Wassym Bensaid (Rivian) and Carsten Helbing (Volkswagen Group). Developers and software engineers from both companies will join the joint venture. Teams will be based in Palo Alto, California initially, and three other sites are in development in North America and Europe. By combining their complementary expertise, the two companies plan to reduce development costs and scale new technologies more quickly. The goal is to be able to offer customers the best technological solution as early as possible.

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