VW shares slip on plan to spend up to $5 billion in Rivian deal

Volkswagen shares declined after the German automaker announced a joint venture with Rivian Automotive to develop vehicle software, evidence of the moves the company is making to bolster its technology.VW late on Tuesday reached the pact that calls for an outlay of up to $5 billion — a $1 billion convertible bond investment into Rivian, another $1 billion to set up the venture, and up to $2 billion in equity investments into Rivian and as much as another $1 billion into the venture.While Rivian RIVN, +8.63% ...