Share prices of Rivian (NASDAQ: RIVN) surged higher after the maker of electric vehicles (EV) received a sizeable investment from German automaker (OTC: VWAGY). Despite the recent price gains, the stock is still down nearly 43% in 2024.

Let's look at the importance of this investment, how it could help Rivian, and if it is too late to buy the stock.

Volkswagen announced it will invest up to $5 billion in Rivian over three years as well as form a 50/50 joint venture (JV) between the companies. Volkswagen will initially invest $1 billion in the company in the form of a convertible note, which will convert to Rivian shares once it receives regulatory approvals, but not before Dec. 1, 2024.

Continue reading

Source Fool.com