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

Last June, VW said it would invest $5 billion in Rivian as part of a new joint venture that’s focused on developing a new electrical architecture and vehicle software for future models, including subcompact cars, with the first planned for 2027. The investment size has now increased to $5.8 billion.

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.

Key Takeaways Rivian Automotive shares soared Wednesday, a day after the electric vehicle manufacturer expanded its partnership with Volkswagen in a move aimed at helping both firms find ways to grab more of the market for EVs.