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Electric car-maker Rivian Automotive (NASDAQ:RIVN) denied rumors and said it had no plans to expand its partnership with Volkswagen (OTCPK:VWAGY) for vehicle production, Reuters reported.
A German newspaper, Handelsblatt, earlier reported that the businesses were considering joint production of Rivian’s (RIVN) more affordable and smaller R2 SUVs at Volkswagen’s (OTCPK:VWAGY) new South Carolina plant.
However, a Rivian (RIVN) spokesperson told Reuters, “There are no plans for production of vehicles with Volkswagen Group.” The company is still planning to begin producing the R2 at its Normal, Illinois, manufacturing facility before moving to the Georgia plant, he added.
Rivian (RIVN) has gained more than 25% to $14.89 after the $5B deal with Volkswagen (OTCPK:VLKAF) to share electrical architecture and software technology.
The American automaker (RIVN) produced 9,612 vehicles at its manufacturing facility in Normal, Illinois, during Q2 and delivered 13,790 vehicles, reaffirmed FY guidance for annual production of 57,000 total vehicles.