Rivian and Volkswagen announced an expanded joint venture Tuesday night, with the first resulting VW vehicles due as as early as 2027. Rivian stock surged early Wednesday.The EV startup and German auto giant in June announced plans for a joint venture of up $5 billion.

Volkswagen and US electric car maker Rivian have entered into a transaction agreement, officially creating their joint venture. To that end, the German automaker invested 5.8 billion dollars in Rivian - more than initially planned.

Rivian Automotive Inc. and Volkswagen have launched their upsized joint venture, joining forces with the goal of creating “cutting-edge” electric-vehicle technology.