The electric vehicle (EV) industry has not been particularly kind to investors, especially those who bet on Rivian Automotive (NASDAQ: RIVN). Its shares have lost around 90% of their value since going public three years ago amid rising competition and missed production targets.

But some recent good news have given the shares a lift. Let's dig deeper into Rivian's just-announced partnership with and what it could mean for the struggling automaker.

On June 25, Rivian and Volkswagen announced plans to create a joint venture to develop EV software and technologies for their respective automotive businesses.

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Source Fool.com