Rivian Automotive and Volkswagen Group said the size of their joint venture has increased to up to $5.8 billion. The automakers also said the first VW models to use Rivian's software and electrical architecture are set to arrive as early as 2027.

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 have finalized a multibillion-dollar joint venture to develop software, paving the way to let the German auto giant leverage the EV startup’s more technical chops in the coming years. Volkswagen will invest up to $5.8 billion by 2027, about 16% more than when the deal was first announced in June.