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

Rivian stock is surging after the EV maker announced an expansion of its partnership with Volkswagen, with the German automaker pouring more money into the joint venture.

Electric vehicle manufacturer Rivian Automotive and the Volkswagen Group are partnering up in a nearly $6 billion deal to create a new technology company.