Rivian Automotive (RIVN) shares soared Wednesday, a day after the electric vehicle manufacturer expanded its partnership with Volkswagen in a move aimed at ♕helping both firms find ways to grab more of the market for EVs.

The carmakers announced a new joint venture that would see Volkswagen inject as much as $5.8 billion into the struggling EV firm. The plan increases the initial $5 billion deal value reported in June.

Rivian noted the agreement would tap into the strength of the partnership "to create cutting-edge software and electronics architectures and scale the electric vehicle platforms and architectures."

JV Seen Enabling Launch of Ri🔜vian R2 in 2026, Volkswagen Models in 2027

The JV is seen "enabling the launch of Rivian's R2 in the first half of 2026 and support the expected launch of the first models from the Volkswagen Group as early as 2027."

Rivian founder and CEO RJ Scaringe said, "We're thrilled to see our technology being integrated in vehicles outside of Rivian, and we’re excited for the future," while Volkswagen Group CEO Oliver Blume called the partnership "the next logical step in our software strategy."

Even with today's 18% gains, shares of Rivian Automotive have lost 46% of their value in 2024.