That leaves Wall Street investors looking for something else to set an electric vehicle maker apart: software. Rivian, which has been facing its own issues with a falling stock price and disappointing financial results, is now riding high after announcing a software joint venture with Volkswagen. Related storiesThe companies said that Volkswagen will make an initial $1 billion investment in Rivian as part of a software development deal. The first was a $500 million investment from Ford to build EVs in a joint venture Rivian struck before it had even started production. While Volkswagen's stock price hasn't enjoyed the same ride as Rivian's, investors are pleased to see the German automaker focusing on improving its software development programs.

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Persons: —, Tesla, Elon, Dan Ives, Ives, It's, Rivian, John Murphy, Murphy, hasn't, Morgan, Jose Asumendi Organizations: Service, Business, Volkswagen, Ford, VW, EV, Bank of America, Rivian, VW Group Locations: Wedbush, FSD, Rivian, Normal, Georgia