The shares of electric vehicle maker Rivian (RIVN) are climbing 5% today after the Biden administration finalized a huge loan to the automaker. Additionally, Volkswagen (VWAGY) said that is considering expanding its partnership with the American EV maker.

Large Loan Closed

Yesterday the Biden administration announced that it had finalized a loan by Washington of up to $6.6 billion to RIVN. The automaker will use the funds to build its new plant in Georgia.

A lithium battery recharging a fleet of electric vehicles in a parking lot.

Vivek Ramaswamy, the co-chairman of President-elect Trump’s DOGE initiative, criticized the loan and threatened to rescind it when the Biden administration conditionally approved the transaction.

A Potential Expansion of RIVN's Collaboration With Volkswagen

Volkswagen is pondering means of deepening its partnership with Rivian, the German automaker's CEO, Oliver Blume, said.

"For example, we are thinking about sharing modules and bundling purchasing volumes," said Blume, adding that "Volkswagen offers great opportunities for a small brand like Rivian."

Blume's comments were reported by Spiegel, a German publication.

In 2024, Rivian and Volkswagen closed on a joint venture whose goal is to enable the automakers to collaborate on technology.

The Price Action of RIVN Stock

In the last month, RIVN has risen 10%, while it has jumped 52% in the last three months.

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Disclosure: The author owns shares of RIVN but has no plans to trade them in the next 48 hours. This article is originally published at Insider Monkey.