U.S. auto stocks fell premarket, with Tesla (TSLA. O) down 3.2 percent, Rivian (RIVN. O) down 3 percent, and Lucid Group (LCID. O) down 5 percent.
Volkswagen plans to invest $5 billion in Rivian (RIVN. O).
Rivian (RIVN. O) rose more than 20% after hours.
Rivian (RIVN. O) and Volkswagen plan to form a joint venture on the next generation of electric vehicles.
Rivian (RIVN. O) U.S. stocks rose more than 30% after trading, on the news, Volkswagen plans to invest 5 billion dollars in it and form a joint venture on the next generation of trams.