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.

Analysts see the joint venture between VW and Rivian as shoring up many concerns about the U.S. EV maker's challenges.