German Antitrust Body Approves VW-Rivian Joint Venture, Rivian Stock Rises 1.4%

Jul 29, 2024, 12:23 PM

The German antitrust body has approved a joint venture between Volkswagen (VW) and Rivian Automotive. Andreas Mundt, head of the Bundeskartellamt, stated that there are no serious competition problems to be feared from the collaboration. This decision allows Germany's Volkswagen and U.S. electric car maker Rivian to proceed with their plans. The approval has positively impacted Rivian's stock, which saw a 1.4% increase in pre-market trading, according to Reuters.