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Volkswagen will invest $5 billion to form a joint venture with electric vehicle maker Rivian Automotive, throwing a lifeline to the startup and giving VW access to Rivian's technology.

Rivian Automotive fell short of Wall Street’s earnings expectations to start the year as the automaker works to revamp its manufacturing operations and boost output of electric vehicles.

Rivian Automotive will receive incentives valued at $827 million from Illinois to expand its electric vehicle plant there after the company halted work on a separate facility in Georgia.

Electric vehicle maker Rivian said it is working to secure and maintain the site of its planned Georgia factory, as well as preparing the land for vertical construction as soon as it can move forward with the $5 billion project.

Electric vehicle upstart Rivian, which recently put on pause plans to build a Georgia factory, said in mid-April it is laying off more workers as it cuts costs to buttress its balance sheet.

Rivian Automotive was back in Normal, Ill., on April 6 with its second-generation EVs and the promise of more activity at a now-bustling auto plant.

Rivian Automotive built and delivered more electric vehicles last quarter than Wall Street expected, giving the automaker a boost as it grapples with production hurdles and heavy costs.

Rivian Automotive is pausing plans to build a new multibillion-dollar factory in Georgia, an abrupt reversal aimed at cutting costs while the company prepares to launch a cheaper electric vehicle.

Investors have all but thrown in the towel on shares of EV startups Rivian Automotive and Lucid Group. 

Rivian Automotive Inc. shares fell in early trading after the electric vehicle maker issued a disappointing production forecast and announced another round of job cuts.