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.

Volkswagen Group raised its investment in Rivian by 16% to $5.8 billion, the two automakers said on Tuesday, as the companies kick off their planned joint venture to develop electric vehicle architecture and software.