Rivian Automotive Inc. and Volkswagen have launched their upsized joint venture, joining forces with the goal of creating “cutting-edge” electric-vehicle technology.

Shares of Rivian jumped over 15% after the EV maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.

Rivian and Volkswagen Group launched on Tuesday the joint venture they had announced in June, valued at $5.8 billion, to share software and electric vehicle architecture. The joint venture aims to integrate advanced electrical infrastructure and Rivian's software technology for future electric vehicles of both companies,