08:15 AM EDT, 07/29/2024 (MT Newswires) -- German competition regulator Bundeskartellamt has approved Rivian Automotive's ( RIVN ) joint venture with German automaker Volkswagen, as well as Volkswagen's acquisition of a minority stake in the electric vehicle maker.

"When it comes to cooperation projects set up to develop new products and technologies in key cutting-edge sectors, particularly those involving large companies, we take a close look at competition in innovation," Bundeskartellamt President Andreas Mundt said in a statement on Friday. "The project does not raise any concerns in this respect, nor does it raise any other serious competition concerns."

Shares of Rivian were up 1.3% in recent premarket activity.

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