When Volkswagen announced its plan to invest approximately $5 billion in Rivian, related stocks began to surge.
As of 10:32 AM on the 25th, ECOGAP was trading at $2.29, up 29.95% from the previous day, hitting the daily limit increase. ECOGAP is known for supplying wiring harnesses to Rivian.
Daewon Chemical, which supplies high-end synthetic leather materials to Rivian, is also trading at $1.54, up 20.32%. Daewon Chemical also hit the daily limit increase during trading hours.
Stocks of other related companies such as Samjin LND (13.82%) and Almek (13.14%) have also risen across the board.
On the 25th, Volkswagen announced its plan to invest up to $5 billion in Rivian by 2026, leading to a surge in expectations. As part of the joint investment, Volkswagen intends to initially invest $1 billion in Rivian and plans to invest an additional $4 billion in the future. Following the announcement, Rivian’s stock price soared 50% in after-hours trading.