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SAN FRANCISCO, June 25 (Reuters) - German automaker Volkswagen Group (VOW3.EQ) will invest up to $5 billion in U.S. electric-vehicle maker Rivian (RIVN.O) as part of a new, equally controlled joint venture to share EV architecture and software, the companies said on Tuesday.
Shares of Rivian surged about 50% in extended trade after the announcement, potentially supercharging the company's market value by nearly $6 billion, if gains hold on Wednesday.